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At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $150,000, and direct materials costs, $100,000. At year-end, the company reports that actual overhead costs for the year are. $160,000 and octual direct materials costs for the year are $100,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predeterminer overhead rate. Determine whether overhead is over-or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Determine the predetermined overtiead rate using estimated direct materials costs At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the fol costs, $150,000, and direct materials costs, $100,000. At year-end, the company reports that actual ov $160,000 and actual direct materials costs for the year are $100,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during th overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $150,000 and direct materials costs, $100,000. At year-end, the company reports that actual overhead costs for the year are $160,000 and actual direct materials costs for the year are $100,000 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overheod costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over-or underapplied (and the amount) for the year. 3. Prepore the entry to close any over-or underapplied overheod to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Journal entry worksheet Cose underapplied ovemead to cocs. Witer Enter deters beforw crecte