In December 2012. Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $1,716,000, and direct labor costs, $440,000. At year end 2013, the company's records show that actual overhead costs for the year are $2,519,400. Actual direct labor cost had been assigned to jobs as follows. 600,000 Movies completed and released Movies still in production 49.000 Total actual direct labor cost $649,000 Exercise 15-14 Part 2&3 2&3.Enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied (and the amount) during the year. Factory Overhead Saved In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $1,716,000, and direct labor costs, $440,000. At year end 2013, the company's records show that actual overhead costs for the year are $2,519,400. Actual direct labor cost had been assigned to jobs as follows. 600,000 Movies completed and released Movies still in production 49,000 Total actual direct labor cost $649,000 Exercise 15-14 Part 4 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet