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Exercise 2-14 Factory overhead computed, applied, and adjusted LO P3, P4 [The following information applies to the questions displayed below.] In December 2014. Custom Mfg, established its predetermined overhead rate for jobs produced during year 2015 by using the following cost predictions: overhead costs, $720,000, and direct labor costs, $300,000. At year-end 2015, the company's records show that actual overhead costs for the year are $1,317,900. Actual direct labor cost had been assigned to jobs as follows. Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory $ 420,000 73,000 52,000 Total actual direct labor cost $ 545,000 Exercise 2-14 Part 1 1. Determine the predetermined overhead rate for year 2015. Overhead Rate 1 Choose Denominator: Choose Numerator: = Overhead Rate Overhead rate value 1.11 points Exercise 2-14 Part 2&3 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. Factory Overhead 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. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal