Hodge, Lester, and Reld Co. established its predetermined overhead rate at the begining of the year by using the following assumptions: overhead costs, $1,250,000, and direct materials costs, $500,000. At the end of the year, Hodge, Lester, and Reid Co.'s records show that actual overhead costs for the year are $1,291,200. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold $380,000 Jobs in finished goods inventory Jobs in work in process inventory 48.000 Total actual direct materiale cont $513,000 85,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied to jobs 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Determine the predetermined overhead rate. Choose Numornton Overhemd Roto Choose Denominator 1 Overhead Rate Overhead rate 0 1 1.250,000 Reg 2 and 3 > 1. Determine the predetermined overhead rate. 283. Enter the overhead costs incurred and the amounts applied to jobs 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 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg4 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 0 below. Req 1 Reg 2 and 3 Reg 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction fist Journal entry worksheet 1 Record entry to allocate underapplied /overapplied overhead. Note: Enter debits before credits General Journal Dobit Date Dec 31 Credit Record entry Clear entry View general Journal