At the beginning of the year, Complete it, Inc. established its predetermined overhead rate for applying factory overhead to its inventory produced during the year by using the following predicted costs: - Estimated Factory Overhead \$1,200,000 - Estimated Direct Labor 800,000 At year-end, the company's records show the following actual costs: - Actual Factory Overhead \$1,236,000 - Actual Direct Labor 820,000 Required: (a) Calculate the predetermined overhead rate for the year. (b) Calculate the amount of factory overhead costs applied to Work in Process Inventory during the year. (c) Calculate the amount of overapplied or underapplied overhead (indicate whether it is overapplied or underapplied). (d) Prepare the adjusting journal entry to close out the overapplied or underapplied overhead, assuming that the amount is immaterial. (This problem is worth a total of 8 points.)