2. The Alphabet Company established its predetermined overhead rate for jobs produced during 2019 with the following cost estimates: Direct Labor cost, $500,000, and Overhead costs, $750,000 At 2019 Year-End, the company reported that actual Overhead costs for the year were $765,000 and actual Direct Labor cost was $550,000. a. Determine the predetermined Overhead Rate. b. Set up at Account for Factory Overhead. Reflect the actual Overhead costs incurred and the amounts applied to jobs during the year, using the predetermined overhead rate. Determine whether overhead is underapplied or overapplied and reflect the amount. Factory Overhead Debit Side Credit Side Check whether Overhead is underapplied or overapplied by $ Prepare the adjusting journal entry to allocate any underapplied or overapplied overhead. Debit Account & Amount: Credit Account & Amount