Afternoon, I've been having some trouble trying to start this practice question and don't know where to start.

Can you assist so I can learn how?

At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs. $950,000, and direct materials costs. $600,000. At year-end, the company reports that actual overhead costs for the year are $969,300 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the predetermined overhead rate using estimated direct materials costs. Overhead Rate Denominator: Numerator: 1 Overhead Rate Overhead rate / 4 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 jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. Factory Overhead Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View transaction Mat Journal entry worksheet