Overhead Rate, A Production, Reconciling Overhead at the End of the Year, Adjustina n Overk for Under- and Overapplied Overhead Cost of Goods Exercise 5-32 Calculating the Predetermined At the beginning of the year, Horvath Company estimated the following Overhead Direct labor hours $486,400 95,000 Horvath uses normal costing and applies overhead on the basis of direct labor ho month of January, direct labor hours were 7,830. By the end of the year, Horv following actual amounts hours. Fo showed the Overhead Direct labor hours $476,100 93,500 Assume that unadjusted Cost of Goods Sold for Horvath was $707,000. Required: 1. Calculate the predetermined overhead rate for Horvath. 2. Calculate the overhead applied to production in January. (Note: Round to the nearest dol 3. Calculate the total applied overhead for the year. Was overhead over- or underapplied how much? 4. Calculate adjusted Cost of Goods Sold after adjusting for the overhead yarianc