At the beginning of the year. Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $1,000,000, and direct materials costs, $500,000. At year-end, the company's records show that actual overhead costs for the year are $989.200. 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 cast $360,000 22,000 58,000 $490,000 Determine the predetermined overhead rate. Overhead Rate Choose Denominator: Choose Numerator: Overhead Rate 1 M Overhead rate 1 11 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 Journal entry worksheet