In december 2016, custom mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $440,000, and direct materials costs, $200,000. at year-end 2017, the company’s records show that actual overhead costs for the year are $1,162,000. actual direct material cost had been assigned to jobs as follows. jobs completed and sold $ 390,000 jobs in finished goods inventory 84,000 jobs in work in process inventory 50,000 total actual direct materials cost $ 524,000 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.

Side bar toggle icon performance in last 10 qs hard easy performance in last 10 questions - there are '3' correct answers, '3' wrong answers, '0' skipped answers, '1' partially correct answers about this question question difficulty difficulty 60% 42.2% students got it correct study this topic • demonstrate an understanding of sampling distributions question number q 3.8: choose the correct estimate for the standard error using the 95% rule.

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Vulcan flyovers offers scenic overflights of mount st. helens, the volcano in washington state that explosively erupted in 1982. data concerning the company’s operations in july appear below: vulcan flyovers operating data for the month ended july 31 actual results flexible budget planning budget flights (q) 56 56 54 revenue ($350.00q) $ 16,500 $ 19,600 $ 18,900 expenses: wages and salaries ($3,300 + $91.00q) 8,354 8,396 8,214 fuel ($31.00q) 1,904 1,736 1,674 airport fees ($870 + $35.00q) 2,730 2,830 2,760 aircraft depreciation ($11.00q) 616 616 594 office expenses ($240 + $1.00q) 464 296 294 total expense 14,068 13,874 13,536 net operating income $ 2,432 $ 5,726 $ 5,364 the company measures its activity in terms of flights. customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. required: 1. prepare a flexible budget performance report for july that includes revenue and spending variances and activity variances.