At the beginning of the year, Custom Manufacturing set its predetermined overheod rate using the following estimates: overhesd costs, $1,400,000, and direct materials costs, $500,000. At year-end, the company reports that actual overhead costs for the year are $1,409,200 and actual direct materials costs for the year are $500,000. 1. Determine the predetermined overhesd rate using estimated direct materials costs 2. Enter the actual overheod costs incurred and the amount of overhesd cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhesd 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. Determine the predetermined overhead rate using estimated direct materials costs