Required information Exercise 15-14 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to the questions displayed below.] In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $2,346,000, and direct labor costs, $460,000. At year end 2013, the company's records show that actual overhead costs for the year are $1,712,300. Actual direct labor cost had been assigned to jobs as follows. 300,000 $ Movies completed and released Movies still in production 38,000 Total actual direct labor cost $338,000 Exercise 15-14 Part 1 1. Determine the predetermined overhead rate for year 2013. Choose Numerator: Estimated overhead costs Overhead Rate Choose Denominator: 1 Estimated direct labor costs Overhead Rate = Overhead rate 0 Required information Exercise 15-14 Factory overhead computed, applied, and adjusted LO P3, P4 The following information applies to the questions displayed below.) In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $2,346,000, and direct labor costs, $460,000. At year end 2013, the company's records show that actual overhead costs for the year are $1,712,300. Actual direct labor cost had been assigned to jobs as follows. 300,000 $ Movies completed and released Movies still in production 38,000 Total actual direct labor cost $338,000 Exercise 15-14 Part 2&3 2&3.Enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied (and the amount) during the year. Factory Overhead Exercise 15-14 Part 4 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet Record entry to close underapplied /overapplied overhead. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Record entry Clear entry View general journal