sercise 19-15 Factory overhead computed, applied, and adjusted LO P3, P4 the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: erhead costs, $750,000, and direct materials costs, $625,000. At year-end, the company's records show that actual overhead costs -the year are $830,000. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold $ 513,750 Jobs in finished goods inventory 102,750 Jobs in work in process inventory 68,500 Total actual direct materials cost $685,000 Determine the predetermined overhead rate using predicted direct materials costs. 33. Enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate and etermine whether overhead is overapplied or underapplied. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. Factory Overhead 830,000 822,000 Applied overhead Actual overhead Underapplied overhead 8,000 16,000