For the year, the company incurred $1,522,400 of actual overhead costs. It completed and sold five...

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For the year, the company incurred $1,522,400 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,800; Job 202, $563,800; Job 203, $298,800; Job 204, $716,800; and Job 205, $314,800. In addition, Job 206 is in process at the end of the year and had been charged $17,800 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on a percent of direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Determine the over- or underapplied overhead at the year-end. Factory Overhead Actual overhead cost Applied overhead cost Underapplied overhead 1,522,400 1,510,080 12,320 For the year, the company incurred $1,522,400 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,800; Job 202, $563,800; Job 203, $298,800; Job 204, $716,800; and Job 205, $314,800. In addition, Job 206 is in process at the end of the year and had been charged $17,800 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on a percent of direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Determine the over- or underapplied overhead at the year-end. Factory Overhead Actual overhead cost Applied overhead cost Underapplied overhead 1,522,400 1,510,080 12,320

Answer rating: 100% (QA)

Answer 1 a The predetermined overhead rate for the year is 1522... View the full answer