Riley Company estimates the company will incur $65,000 in overhead costs and 5,000 direct labor hours during the year. Actual direct labor hours were 4,450. 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 Total estimated direct labor hours 5,000 = allocation rate $ 13 per direct labor hour $ Total estimated overhead costs 65,000 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. $ Total actual direct labor hours 4,450 x Predetermined overhead allocation rate = 13 $ Allocated overhead costs 57,850 Prepare the journal entry for the allocation of overhead. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Work-in-Process Inventory Manufacturing Overhead Debit Credit 57850 57850