In December 2008, Dreamvision established its predetermined overhead rate for movies produced during year 2009 by using the following cost predictions: overhead costs, $1,700,000, and direct labor costs, $500,000. At year end 2009, the companys records show that actual overhead costs for the year are $1,710,000. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released $400,000 Movies still in production 90,000 Total actual direct labor cost $490,000 1.) Predetermined overhead rate for year end 2009 ? 2.) Enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate in the T-account provided below. 3.) Determine whether overhead is overapplied or underapplied (and the amount) during the year. 4.) Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold