Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to the questions displayed below.] In December 2014, Infodeo established its predetermined overhead rate for movies produced during year 2015 by using the following cost predictions: overhead costs, $1,911,000, and direct labor costs, $490,000. At year-end 2015, the company's records show that actual overhead costs for the year are $1,701,400. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production $400,000 39,000 Total actual direct labor cost $439,000 Exercise 15-15 Part 1 1. Determine the predetermined overhead rate for year 2015. Overhead Rate I Choose Denominator: Choose Numerator: = Overhead Rate | Overhead rate Exercise 15-15 Part 2&3 2&3. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. Factory Overhead Exercise 15-15 Part 4 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet Record entry to close underapplied /overapplied overhead. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31 Record entry Clear entry View general journal