4 At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $1,320,000, and direct materials costs, $600,000.At year-end, the company reports that actual overhead costs for the year are $1,329,400. 25 points 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs 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. eBook Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 Required 3 Print Determine the predetermined overhead rate using estimated direct materials costs. References 1 Overhead Rate Numerator: Estimated overhead costs $ 1,320,000 Overhead Rate Denominator: Estimated direct material costs $ 600,000 1 Overhead rate / 220% 4 At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $1,320,000, and direct materials costs, $600,000.At year-end, the company reports that actual overhead costs for the year are $1,329,400. 25 points 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs 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. eBook Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 Required 3 Print Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. References Factory Overhead 0 Required 1 Required 2 Required 3 25 points Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View transaction list eBook Journal entry worksheet Hint