Question 8 of 13 View Policies Current Attempt in Progress -/1 Pharoah Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year: Estimated overhead costs $891,000 Actual overhead costs $915,600 Estimated decorator hours Actual decorator hours 40,500 41,040 The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory. Calculate the predetermined overhead rate. Predetermined overhead rate $ eTextbook and Media List of Accounts per decorator hour Prepare the entry to apply the overhead for the year. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Determine whether the overhead was under- or over-applied and by how much. Balance $ Credit