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In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $2,116,000,and direct labor costs, $460,000. At year-end 2017, the company's records show that actual overhead costs for the year are $2,541,700. Actual direct labor cost had been assigned to jobs as follows. $500,000 55,000 Movies completed and released Movies still in production $555,000 Total actual direct labor cost 1. Determine the predetermined overhead rate for 2017. 2&3. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Req 1 Req 4 Req 2 and 3 Determine the predetermined overhead rate for 2017. Overhead Rate Overhead Rate Choose Numerator: Choose Denominator: Estimated overhead costs Estimated direct labor costs Overhead rate = 460,000 $ $ 460% 2,116,000 Req 1 Req 4 Req 2 and 3 Enter the overhead costs incurred and the amounts applied during the year using the E determine whether overhead is overapplied or underapplied Actual overhead 2,541,700 2,553,000 Applied overhead 255,300 Underapplied overhead 11,300 255,300 Req 1 Req and 3 Req 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list View journal entry worksheet No Date General Journal Debit Credit Dec. 31 11,300 1 Factory overhead Cost of goods sold 11,300