At the beginning of the year. Custom Mig established its predetermined overhead rate by using the following cost predictions overhead costs, $480 000, and direct materials costs, $400,000 At year-end, the company's records show that actual overhead costs for the year are $618100 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 $370,000 81,000 57,000 $588,888 1. Determine the predetermined overhead rate 283. 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 0