ces At the beginning of the year Mirmax set its predetermined overhead rate for movies produced during the year by using the

Question

ces 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 2 254 000 and direct labor costs 490 000 At year end the company s actual overhead costs for the year are 2 243 900 and actual direct labor costs for the year are 490 000 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 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 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 Factory Overhead 0 0

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