Exercine 1527 Corrputing applied overhead and dosing over- or anderspplind overhead P4: 1. Determine the poedeternined overhead rate using esrimated direct labor costs. 2. Sect up a T-accouns for Factocy Overhead and enter the actual overhead conta incurred and the amount of aveabead cout apolfed to movits during the year using the predetermined overhead rate. Determine whether overhead is over-or underapplied (azid the anouns) for the year. 3. Frepare the eorry to close any over- of underapplied overhead to Cost of Goods Sold