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At the beginning oi the year. Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs. $400,000. and direct materials costs, $200,000. At year-end, the company's records show that actual overhead costs for the year are $1,026,000. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold $380,000 Job: in finished goods inventory 17,000 Jobs in work in process inventory 51.000 Total actual direct materials cost: $508,000 1. Determine the predetermined overhead rate. 2&3. Enter the overhead costs incurred and the amounts applied tojobs 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. Real RquandB M4 Enter the overhead costs Incun'ed end the amounts applied during the year using the predetermined overhead rate and determine whether overhead Is averapplled or underapplled. _ _ -_ i Reql E Req2and3 Determine the predeten'nlned overhead rate. Reg 1 Req 2 and 3 Reg 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 allocate underapplied /overapplied overhead. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal