- Exercise 15-16 Factory overhead computed, applied, and adjusted LO P3, P4 s In December 2016. Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $1,680,000, and direct labor costs, $480,000. At year-end 2017, the company's records show that actual overhead costs for the year are $1652,000. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production Total actual direct labor cost $425, eee se, eee $475. 1. Determine the predetermined overhead rate for 2017 283. 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 underappled overhead to Cost of Goods Sold. Print ferences Complete this question by entering your answers in the tabs below. Rei Recand Enter the overhead costs incurred and the amounts applied during determine whether overhead is overapplied or underapplied Factory Overhead Actual overhand .