In December 2018, the Wilson Company established its predetermined overhead rate for Grandfather Clocks produced during 2019 by using the following cost predictions: Overhead costs, $1,680,000 and Labor costs, $480,000. At year-end 2019, the company's records reflect that actual Overhead costs for the year are $1,652,000. Actual Direct Labor costs had been assigned to jobs as follows: Grandfather Clocks completed and released Grandfather Clocks still in production Total actual Direct Labor costs 1. Determine the Predetermined Overhead Rate (POHR) for 2019. (5 pts.) Rate (Round to 2 decimal points) 2. Show calculation and amount for Overhead applied to jobs: (5 pts.) 3. Setup a T-Account for Overhead and enter the Overhead costs incurred, the amounts applied, and the under- or overapplied costs to the Grandfather Clocks during the 2019 year using the POHR. (10 pts.) Overhead Description Amount Description 4. Prepare the adjusting journal entry to allocate any over- or underapplied Overhead to Cost of Goods Sold. (10 pts.) Dec. 31 Dr. Cr. To record over- or underapplied Overhead to COGS. $425,000 50,000 $475,000 Amount