help

13 Exercise 2-27 (Static) Computing applied overhead and closing over- or underapplied overhead LO P4 0 At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates overhead costs. $1680.000 and direct labor costs, $480,000 At year-end, the company's actual overhead costs for the year are $1670,000 1. Determine the predetermined overhead rate using estimated direct labor costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies duning the year using the predetermined overhead rate. Determine whether overhead is over- of underapplied and the amount for the year 3. Prepare the entry to close any over or underapplied overhead to Cost of Goods Sold Answer is not complete Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over or underapplied (and the amount) for the year, Factory Overhead Actual overhead 1670.000 Overapplied overhead Overapplied overhead $ 10.000 1.680,000 <_red boud proy of next> ter 3 Exercise 2-27 (Static) Computing applied overhead and closing over- or underapplied overhead LO P4 At the beginning of the year Mirmox set its predetermined overhead rate for movies produced during the year by using the following estimates overhead costs, $1,680,000, and direct labor costs. $480,000. At year-end, the company's actual overhead costs for the year are $1,670,000 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold k Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the predetermined overhead rate using estimated direct labor costs. Overhead Rate Numerator, Denominator Overhead Rate Estimated overhead costs Estimated direct labor costs Overhead rate 1,680,000/ $ 480,000 = 350% 1 Required: Required 2 >