5. Exercise Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year Custom Mfg established its predetermined overhead rate by using the following cost predictions: overhead costs, $290,000, and direct materials costs. $100,000. At year-end, the company's records show that actual overhead costs for the year are $1.496,200. Actual direct materials cost had been assigned to jobs as follows. OK Hunt Solus completed and sold Jobs in finished goods inventory Jobs in work in process inventory total actual direct materials cost $390,000 72.900 $1,000 $513,000 Arferences 1 1. Determine the predetermined overhead rate 283. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied 4. Prepare the adjusting entry to allocate any over- or underopplied overhead to cost of Goods Sold Complete this question by entering your answers in the tabs below. Reus Seg 2 and Para Determine the prodetermined overhead rate. Overhead Rate hi 2 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined ov determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over-or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. BOOK Hint Reg 1 Reg 2 and 3 Reg 4 erences Determine the predetermined overhead rate. Choose Numerator Overhead Rate Choone Denominator Overhead Rate Overhead rate CR Reg 2 and 3 > 12 1. Determine the predetermined overhead rate. 283. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate determine whether overhead is overapplied or underapplied 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold 5 points Complete this question by entering your answers in the tabs below. ebook Hint Reg1 Reg 2 and Reg 4 References Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied Factory Overhead 12 Reg 1 Reg 2 and 3 Reg 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to cost of Goods Sold. oints View transaction list eBook Journal entry worksheet Hint