At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following

estimates: overhead costs, $$2,484,000,$ and direct labor costs, $$460,000.$ At year$-$end, the company's actual overhead costs for the

year are $$2,473,900$ and actual direct labor costs for the year are $$4$

$1$: Determine the predetermined overhead rate using estimated direct labor costs.

$2$:Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead 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.