Assume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. OH is based on direct labor cost. If Job 5265 incurs direct material costs of $1,363, direct labor of $750, and is sold for $3,200. *Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500*"** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH