In December 2014, Infodeo established its predetermined overhead rate for movies produced during the year 2015 by using the following cost predictions: Overhead costs $1,628,000 Direct labor costs $440,000 At the year-end of 2015, the company's records show that actual overhead costs for the year are $909,800. Actual direct labor costs had been assigned to jobs as follows. Movies completed and released $200,000 Movies still in production $49,000 Total actual direct labor cost $249,000 Required: Determine the predetermined overhead rate for the year 2015.
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- In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $1,800,000, and direct labor costs, $500,000. At year end 2013, the company's records show that actual overhead costs for the year are $1,608,800. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production 400,000 $4 50,000 Total actual direct labor $450,000 cost Exercise 15-14 Part 4 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec. 31 Factory overhead Cost of goods soldI want to correct answer general accountingIn December 2014, infodeo established its predetermined overhead accounting questions
- At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the year by using the following cost predictions: overhead costs, $1,680,000, and direct labor costs, $480,000. At year-end, the company’s records show that actual overhead costs for the year are $1,652,000. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released . $425,000 Movies still in production 50,000 Total actual direct labor cost . $475,000 1. Determine the predetermined overhead rate for the year. 2. Set up a T-account for overhead and enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate. 3. Determine whether overhead is overapplied or underapplied (and the amount) during the year. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the year by using the following cost predictions: overhead costs, $1,890,000,and direct labor costs, $450,000. At year-end, the company’s records show that actual overhead costs for the year are $1,446,800. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released $ 300,000 Movies still in production 47,000 Total actual direct labor cost $ 347,000 1. Determine the predetermined overhead rate for the year.2&3. Enter the overhead costs incurred and the amounts applied to movies 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.In December 2014, Custom Mfg. established its predetermined overhead rate for jobs produced during year 2015 by using the following cost predictions: overhead costs, $400,000, and direct labor costs, $200,000. At year-end 2015, the company’s records show that actual overhead costs for the year are $1,049,200. Actual direct labor cost had been assigned to jobs as follows. Jobs completed and sold $ 400,000 Jobs in finished goods inventory 74,000 Jobs in work in process inventory 46,000 Total actual direct labor cost $ 520,000 4. Required information 1. Determine the predetermined overhead rate for year 2015.
- At the beginning of the year, Infodeo established its predetermined overhead rate movies produced during the year by using the following cost predictions: overhead costs. \$2,150,000, direct labor costs, \$500,000 . At year-end, the company records show actual overhead costs for the year are $ 1,464,400Actual direct labor cost had been assigned to jobs as followsrest on the photoAt the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $2,310,000, and direct labor costs, $420,000. At year-end, the company’s actual overhead costs for the year are $2,298,400 and actual direct labor costs for the year are $420,000. 1. Determine the predetermined overhead rate using estimated direct labor costs.2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year.3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,840,000, and direct labor costs, $460,000. At year-end, the company’s actual overhead costs for the year are $1,829,800 and actual direct labor costs for the year are $460,000. Determine the predetermined overhead rate using estimated direct labor costs. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Please see picture for format.
- At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $2,184,000, and direct labor costs, $420,000. At year-end, the company’s actual overhead costs for the year are $2,173,500 and actual direct labor costs for the year are $420,000. 1. Determine the predetermined overhead rate using estimated direct labor costs.2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year.3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.In december. ...accounting questionAt the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,680,000, and direct labor costs, $480,000. At year-end, the company’s actual overhead costs for the year are $1,670,000. 1. Determine the predetermined overhead rate using estimated direct labor costs.2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year.3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.