Entertainment faces many situations where it needs to apply decision tools such as using a job cost system to determine a film's profitability. For example. Assume ABC Entertainment uses a job order cost system and applies overhead to production of its films on the basis of direct labor cost. In computing a predetermined overhead rate for the year 2021, the company estimated film production overhead to be $22,000,000 and direct labor costs to be $20,000,000. In addition, it developed the following information. Actual Costs Incurred During 2021 for its new movie In Broad Daylight: Direct materials used Direct labor cost incurred $30,000,000 $21,000,000 Insurance on studio (overhead) $500,000 Indirect labor (overhead) $7,500,000 Studio maintenance (overhead) $1,000,000 Depreciation on studio equipment (overhead) $11,000,000 Rent on studio building (overhead) $4,000,000 Compute the predetermined overhead rate for 2021 (show work): ompute the amount of applied overhead (show work): at is the total cost of making the film: In Broad Daylight? (show work): >ute the amount of actual overhead (show work): head over or under applied and by how much (show work): he journal entry to adjust the difference in the MOH account