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13 125 boles At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs $720,000, and direct materials costs, $400,000 At year-end, the company reports that actual overhead costs for the year are S728700 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 predetermine overhead rate Determine whether overhead is over- or underapplied and the amount) for the year 3. Pregate the entry to close any over- or underapplied overhead to cost of Goods Sold book Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Enter the actual overhead 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. covat Factory Overhead 228.700 720 000 Underapplied overhead 8700 (Required 1 Required 3 > 13 At the beginning of the year Custom Manufacturing set its predetermined overhead rate using the following estimates overhead costs $720.000, and direct materials costs, $400,000 At year-end, the company reports that actual overhead costs for the year are $728700 125 oons 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 predetermined 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 co Complete this question by entering your answers in the tabs below. Hint Required 1 Required 2 Required Prepare the entry to close any over or underapplied overhead to cost of Goods Sold Pre 0 View transactions View journal entry worksheet No Date General Journal Debit Credit December 31 Cost of yoods sold Factory overhead 8.700 8.700 (Required 2