In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $600,000, and direct materials costs, $200,000. At year-end 2017, the company's records show that actual overhead costs for the year are $1,571,300. Actual direct material cost had been assigned to jobs as follows. Jobs completed and sold obs in finished' goods inventory 78,000 obs in work in process inventory53,000 Total actual direct materials cost $390,000 521,00e e 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