"Exercise 15-16 Factory overhead computed, applied, and adjusted LO P3, P4 In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $1,872,000, and direct labor costs, $480,000. At year-end 2017, the company's records show that actual overhead costs for the year are $928,700. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production Total actual direct labor cost 5200,000 41,000 $241,000 1. Determine the predetermined overhead rate for 2017, 263. 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, 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. ter the overhead costs incurre Sne whether overhead is overapplied or u pare the adjusting entry to allocate any over- or unde Complete this question by entering your answers in the tabs below. Reg 4 Reg 2 and 3 Reg 1 Applied overhead Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhe determine whether overhead is overapplied or underapplied. 928.700 Actual overhead Overapplied overhead Req 4 > 928,700