[The following information applies to the questions displayed below.] 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 400,000 $4 released Movies still in production 50,000 Total actual direct labor $450,000 cost Exercise 15-14 Part 2&3 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 (and the amount) during the year. Factory Overhead Applied overhead Actual overhead Overapplied overhead Applied overhead

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
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
400,000
$4
released
Movies still in production
50,000
Total actual direct labor
$450,000
cost
Exercise 15-14 Part 2&3
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 (and the amount) during the year.
Factory Overhead
Applied overhead
Actual overhead
Overapplied overhead
Applied overhead
Transcribed Image Text:[The following information applies to the questions displayed below.] 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 400,000 $4 released Movies still in production 50,000 Total actual direct labor $450,000 cost Exercise 15-14 Part 2&3 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 (and the amount) during the year. Factory Overhead Applied overhead Actual overhead Overapplied overhead Applied overhead
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