Question: 1. Compute the companys predetermined overhead rate for the current year. 2. How much manufacturing overhead was applied to production during January? 3. Calculate the

1. Compute the companys predetermined overhead rate for the current year. 2. 1. Compute the companys predetermined overhead rate for the current year.

2. How much manufacturing overhead was applied to production during January?

3. Calculate the overapplied or underapplied overhead for January.

4. Prepare a journal entry to close the balance calculated in requirement (3) into Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

5. Prepare a journal entry to prorate the balance calculated in requirement (3) among the Work-in-Process Inventory, Finished-Goods Inventory, and Cost of Goods Sold accounts. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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