In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $880,000, and direct materials costs, $400,000. At year-end 2017, the companys records show that actual overhead costs for the year are $1,126,500. Actual direct material cost had been assigned to jobs as follows.

In cost predictions: overhead costs, $880,000, and direct materials costs, $400,000. At year-end 2017, the company's records show that actual overhead costs for the year are $1,126,500. Actual direct material cost had been assigned to jobs as follows. 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following Jobs completed and sold obs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $380,006e 80,000 48,eee $588,000 1. Determine the predetermined overhead rate for 2017 2&3. 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. 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. Req 1 Req 2 and 3 Req 4 Determine the predetermined overhead rate for 2017 inator - Ove Rate Prel. 8of13 Next >