At the beginning of the year. Custom Mfg. established its predetermined overhead rate by using the following cost predictions. overhead costs $360,000, and direct materials costs $200,000. At year end, the company's records show that actual overhead costs for the year are $945200. Actual direct materials cost had been assigned to jobs as follows Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $390,000 83,000 47,000 $520,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied 4. Prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Reg 1 Bed and Rent Determine the predetermined overhead rate. Choose Numerator Estimated overhead costs $ Ovechead Rate 1 Choose Denominator: stimated direct matonal costs 360.000 s 200 000 Overhead Rate Overhead rate 180% 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied Factory Overhead Actual overhead Reg 1 Req 2 and 3 Req 4 Prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet Record entry to allocate underapplied /overapplied overhead. Note: Enter debits before credits Date Dec 31 General Journal Debit Credit Record entry Clear entry View general Journal