Reed Company estimates the company will incur $82,800 in overhead costs and 4,600 direct labor hours during the year. Actual direct labor hours were 4,700. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base, and prepare the journal entry for the allocation of overhead Calculate the predetermined overhead allocation rate. Fill in the labels and complete the formula below. Predetermined overhead allocation rate per direct labor hour Prepare the journal entry for the allocation of overhead. First, select the formula to calculate the overhead costs allocated. Fill in the labels and complete the formula below. n0 Allocated overhead costs Prepare the journal entry for the allocation of overhead. (Record debits first, then credits. Exclude explanations from any journal entries.) 11 Debit Credit Date Accounts ogy