Exercise 2-27 (Algo) Computing applied overhead and closing over-or underapplied overhead LO P4 At the beginning of the year, Mimax-set its predetermined overhead rate for movies produced during the year by using the following estimates overheat _ 51,640,000, and direct labor costs, $400,000. At year-end, the company's actuat overhead costs for the year are $1,628,200 and actual direct labor costs for the year are $400,000. 1. Determine the predetermined overhead rote using estimated direct labor costs. 2. Enter the actual overhed costs incurred and the amount of overhead cost opplied to movies during the year using the predetermined overhead rate. Determine whether overhead is over-or underapplied (and the amount) for the year. 3. Prepare the entry to close any ovet-or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over-or underapplied (and the amount) for the year