Saved Help Save 4 Exercise 4-35 (Algo) Application of Overhead (LO 4-4, 4-5] Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the current year included the following estimates: ts Book Budgeted total factory overhead Budgeted total direct labor hours $ 585,000 65,000 "erences At the end of the year, the company shows these results: Actual factory overhead Actual direct labor hours $ 605,250 65,500 Required: 1. Compute the firm's predetermined factory overhead rate for the current year. 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the firm's predetermined factory overhead rate for the current year. Predetermined factory overhead rate per direct labor hour Required 2 > At the end of the year, the company shows these results: k Actual factory overhead Actual direct labor hours $ 605,250 65,500 ces Required: 1. Compute the firm's predetermined factory overhead rate for the current year. 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the amount of overapplied or underapplied overhead. overhead entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to transfer the underapplied or overapplied overhead to Cost of Goods Sold. Note: Enter debits before credits. Transaction General Journal Debit Credit . Record entry Clear entry View general journal . maa 4 of 6