At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs $1120,000, and direct materials costs, $400,000. At year-end, the company's records show that actual overhead cost for the year are $1.463,000. 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 80,000 49,000 $519,000 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 tate 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 Determine the predetermined overhead rate. Overhead Rate Choose Denominator Choose Numerator: Overhead Rate Overhead rate The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. Date 7/1 7/1 7/5 4/5 7/10 Document Anount Q-4698 $1,250 W-3393 600 Q-4725 1,800 W-3479 450 W-3559 300 > Determine the total cost on the job cost sheet for Job 9-1005 JOB COST SHEET. Job 9-1005 Direct Materials Direct Labor Requisition No Amount Time-Ticket No Amount Total cont Overhead Costs Applied Date 07/01 07/05 07/10