Exercise 02-16 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the year by using the following cost predictions overhead costs, $1,804,000 and direct labor costs, $410,000 At year end, the company's records show that actual overhead costs for the year are $1.494,100 Actual direct labor cost had been assigned to jobs as follows Movies completed and released Movies still in production Total actual direct labor cost $300,000 42,000 $342,000 1. Determine the predetermined overhead rate for the year 2&3. Enter the overhead costs incurred and the amounts applied to movies 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 under applied overhead to Cost of Goods Sold