Required information Exercise 15-14 Factory overhead computed, applied, and adjusted LO P3, P4 The following information applies to the questions displayed below] In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $2,332,000, and direct labor costs, $440,000. At year end 2013, the company's records show that actual overhead costs for the year are $1,303,300. Actual direct labor cost had been assigned to jobs as follows. Movies completed andq Movies still in production 48,000 Total actual direct labor $248,000 released cost 4. Prepare the adjusting entry to allocate any over- or undera pplied overhead to Cost of Goods Sold View transaction list Journal entry worksheet Record entry to close underapplied /overapplied overhead. Note: Enter debits before credits General Journal Debit Credit Date Dec. 31