3 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, $2,376,000, and direct labor costs, $440,000. At year-end, the company's records show that actual overhead costs for the year are $2,954,200. Actual direct labor cost had been assigned to jobs as follows. 6 points Movies completed and released Movies still in production Total actual direct labor cost $500,000 49,000 $549,000 eBook Hint 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. Print Complete this question by entering your answers in the tabs below. References Req 1 Req 2 and 3 Reg 4 Determine the predetermined overhead rate for the year. Choose Numerator: Estimated overhead costs $ 2,376,000 Overhead Rate 1 Choose Denominator: 1 Estimated direct labor costs $ 440,000 Overhead Rate Overhead rate 540% = Req Req 2 and 3 > 3 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, $2,376,000, and direct labor costs, $440,000. At year-end, the company's records show that actual overhead costs for the year are $2,954,200. Actual direct labor cost had been assigned to jobs as follows. 6 points Movies completed and released Movies still in production Total actual direct labor cost $500,000 49,000 $549,000 eBook Hint 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. Print Complete this question by entering your answers in the tabs below. References Req 1 Req 2 and 3 Req 4 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. Actual overhead 2,954,200 2,954,200 Applied overhead Overapplied overhead Overapplied overhead 0 0 3 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, $2,376,000, and direct labor costs, $440,000. At year-end, the company's records show that actual overhead costs for the year are $2,954,200. Actual direct labor cost had been assigned to jobs as follows. 6 points Movies completed and released Movies still in production Total actual direct labor cost $500,000 49,000 $549,000 eBook Hint 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. Print Complete this question by entering your answers in the tabs below. References Req 1 Req 2 and 3 Reg 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 General Journal Debit Credit Date Dec. 31 1 Factory overhead Cost of goods sold