Problem S. Last year, the David Company established its predetermined overhead rate for jobs produced this year by using the following estimates: Total estimated overhead costs 750,000 Total estimated direct labor costs 600,000 At year end, the company showed actual overhead costs of 830,000. Actual direct labor costs are 700,000. Jobs completed and sold Jobs in finished inventory Jobs in work in process inventory Total actual direct labor costs a. Showing your formula and labeling your numbers, show the predetermined overhead allocation rate for the current year. Round to two places. 513,750 117,750 68,500 700,000 b. Set up a t-account for factory overhead and enter the actual overhead amounts and the amounts applied using the predetermined allocation rate. c. Determine whether overhead is over or under applied and by how much? d. Write out the journal entry to close out the over or under applied amount at year end