Help 1 In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $1,680,000, and direct labor costs, $480,000. At year-end 2017, the company's records show that actual overhead costs for the year are $503,500. Actual direct labor cost had been assigned to jobs as follows. 1.8 points Movies completed and released Movies still in production Total actual direct labor cost $100,000 47,000 $147,000 eBook 1. Determine the predetermined overhead rate for 2017 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. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Hint Print Complete this question by entering your answers in the tabs below. References Req1 Req 2 and 3 Rey 4 Determine the predetermined overhead rate for 2017. Overhead Rate Choose Denominator: Overhead Rate Choose Numerator: / = Overhead rate 1 Road Reg 2 and 3 > 1 In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $1,680,000, and direct labor costs, $480,000. At year-end 2017, the company's records show that actual overhead costs for the year are $503,500. Actual direct labor cost had been assigned to jobs as follows. 1.8 points Movies completed and released Movies still in production Total actual direct labor cost $100,000 47,000 $147,000 eBook 1. Determine the predetermined overhead rate for 2017. 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. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Hint Print Complete this question by entering your answers in the tabs below. References Req1 Req 2 and 3 Req4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is soverapplied or underapplied. 1 In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by usim predictions: overhead costs, $1,680,000, and direct labor costs, $480,000. At year-end 2017, the company's record overhead costs for the year are $503,500. Actual direct labor cost had been assigned to jobs as follows. 1.8 points Movies completed and released Movies still in production Total actual direct labor cost $100,000 47,000 $147,000 eBook 1. Determine the predetermined overhead rate for 2017. 2&3. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhea determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Hint Print Complete this question by entering your answers in the tabs below. References Req1 Req 2 and 3 Req4 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet 1 Record entry to close underapplied /overapplied overhead. Note Emer debits before credits General Journal Date Dec 31 Debit Credit Record entry Clear entry View general Journal