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Exercise 2-27 (Algo) Computing applied overhead and closing over-or underapplied overhead LO P4. At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, \$2,303,000, and direct labor costs, \$490,000. At year-end, the company's actual overhead costs for the year are $2,292,800 and actual direct labor costs for the year are $490,000. 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the year using the predetermined overhead rate. Determine whether overhead is over-or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Determirie the predetermined overhead rate uging estimated direct labor costs: Determine the predetermined overhead rate using estimated direct labor costs. Complete this question by entering your answers in the tabs below. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies during the ye predetermined overhead rate. Determine whether overhead is over-or underapplied (and the amount) for Enter the actual overhead costs incurred and the amount of overhead cost applied to n predetermined overhead rate. Determine whether overhead is over or underapplied (a Journal entry worksheet Record entry to close underapplied /overapplied overhead. Note: Enter debits before credits. Note: Enter debits before credits

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