4 Exercise 19-16 Factory overhead computed, applied, and adjusted LO P3, P4 In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $2,544,000,and direct labor costs, $480,000. At year-end 2017, the company's records show that actual overhead costs for the year are $730,700. Actual direct labor cost had been assigned to jobs as follows 0.83 points Movies completed and released Movies still in productioin Total actual direct labor cost $100, 000 40, 000 $140, 000 eBook Hint 1. Determine the predetermined overhead rate for 2017 2&3. 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 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold Print Complete this question by entering your answers in the tabs below References Req1Req 2 and 3 Req 4 Determine the predetermined overhead rate for 2017 Overhead Rate hoose Numerator: Choose Denominator: -Overhead Rate Overhead rate Req Req 2 and3 > Req 1 Req 2 and 3 Req 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. Actual overhead Applied overhead 0 Overapplied overhead Req 1 Req4 Req Req 2 and 3 Req 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. Debit Credit Date General Journal Dec. 31 Record entry Clear entry View general journal KReq 2 and 3 Req 4X