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, $2,491,000,and direct labor costs, $470,000. At year-end 2015, the company's records show that actual overhead costs for the year are $2,871,400. Actual direct labor cost had been assigned to jobs as follows. 500,000 $ Movies completed and released Movies still in production 44,000 Total actual direct labor cost $544,000 Exercise 15-15 Part 1 1. Determine the predetermined overhead rate for year 2015. Overhead Rate Choose Numerator: 1 Choose Denominator: Overhead Rate / Overhead rate 1 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