Meed Company estimates the company will incur $99,750 in overhead costs and 5,250 direct labor hours during the year. Actual direct labor hours were 4,350 Calculate the predetermined overhead allocation rate and prepare the journal entry for the allocation of overhead. Calculate the predetermined overhead allocation rate. Fill in the labels and complete the formula below. Predetermined overhead allocation rate per direct labor hour Prepare the journal entry to the allocation of overhead. First, select the formula to calculate the overhead costs allocated. Fill in the labels and complete the formula below. Allocated overhead costs