In December 2014. Custom Mfg. established its predetermined overhead rate for jobs produced during year 2015 by using the following cost predictions: overhead costs. $1, 000, 000, and direct labor costs. $500, 000. At year-end 2015, the company's records show that actual overhead costs for the year are $1, 111, 200 Actual direct labor cost had been assigned to jobs as follows. Determine the predetermined overhead rate for year 2015. 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