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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,

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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, $2,115,000, and direct labor costs, $470,000. Ar year-end, the company's octual overhead costs for the year are $2,104,600 and octuar direct tobor costs for the year are $470,000 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the omount of overhead cost opplied to movies during the yeor using the predetermined overhead rate Determine whether overhead is over- or underappled (and the amount) for the year: 3. Prepare the entry to close any over- or underopplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Determine the predetermined overhead rate using estimated direct labor costs. At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates overthead costs, \$2,115,000, and direct labor costs, $470,000 At year-end, the company's actual overhead costs for the year are $2,104,600 and actual direct labor costs for the year are $470,000. 1. Determine the predetermined overhead rate using estimated direct labor costs 2. Enter the actual overhead costs incurred and the amount of overhead cost opplied 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. Complete this question by entering your answers in the tabs below. 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 underapolied (and the amount) for the year. Journal entry worksheet Record entry to close underapplied / overapplied overhead. Notei Enter debits befors oredits

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