ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If Job 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. "Use the following format for the journal entries: Dr. Raw Materials Inventory 500Cr. Accounts Payable 500 .... 1. What is the overhead rate? 2. What is the joumal entry to apply overhead to Job 5265 ? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH