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At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $660,000, and direct materials costs, $300,000. At year-end, the company's records show that actual overhead costs for the year are $1,114,900. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold $330,000 Jobs in finished goods inventory 71,000 Jobs in wrk in process inVBntOIY 52r'300 Total actual direct materials cost $503i'300 1. Determine the predetermined overhead rate. 2&3. Enter the overhead oosts incurred and the amounts applied tojobs during the year using the predetermined overhead rate and determine whether overhead is overapplled or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. 0 Answer is not complete. Complete this question by entering your answers In the tab! below. Enter the overhead costs Incurred and the amounts applied during the year using the predeterrnlned overhead rate and determine whether overhead is over-applied or underapplied. Achial overhead 9 1,114,900 0 1,100,600 9 Applied overhead 0