1-a , 1-b , 1-c & 2
In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,500 hours each at an average wage rate of $20 per hour. The manager also estimated the following manufacturing overhead costs for 2017 $ 333,200 128,000 154,000 102,000 82,000 494,000 74,000 82,800 S0,000 $1,500,000 Indirect labor Factory supervision Rent on factory building Factory utilities Factory inaurance expired Repairs expense-Factory equipment Factory supplies used Miscellaneous production costs Total es tiated overhead co At the end of 2017, records show the company incurred $1,600,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $618,000; Job 202, $577000; Job 203, $312,000; Job 204, $730,000; and Job 205, $328,000. In addition, Job 206 is in process at the end of 2017 and had been charged $31,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for 2017 1-b. Determine the total overhead cost applied to each of the six jobs during 2017, 1-c. Determine the over- or underapplied overhead at year-end 2017. 2. Assuming that any over-or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of 2017 Complete this question by entering your answers in the tabs below Req 2 Req 1B Req 1C Req 1A Determine the predetermined overhead rate for 2017 Choose overhead rate Req 1B > Required 1-a. Determine the predetermined overhead rate for 2017. 1-b. Determine the total overhead cost applied to each of the six jobs during 2017. 1-c. Determine the over- or underapplied overhead at year-end 2017 2. Assuming that any over-or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of 2017 Complete this question by entering your answers in the tabs below. Req 2 Determine the total overhead cost applied to each of the six jobs during 2017 Job No. Direct Labor Overhead cost applied 201 202 203 204 205 208 Total S 618,000 577.000 312,000 730,000 328,000 31,000 $ 2,596,000S Required 1-a. Determine the predetermined overhead rate for 2017 1-b. Determine the total overhead cost applied to each of the six jobs during 2017. 1-c. Determine the over- or underapplied overhead at year-end 2017. 2. Assuming that any over-or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of 2017 Complete this question by entering your answers in the tabs below Req 2 Req 1B Req 1C Req 1A Determine the over- or underapplied overhead at year-end 2017 Factory Overhead Actual overhead cost Applied overhead cost nderapplied overhead Required 1-a. Determine the predetermined overhead rate for 2017. 1-b. Determine the total overhead cost applied to each of the six jobs during 2017 1-c. Determine the over- or underapplied overhead at year-end 2017. 2. Assuming that any over-or underapplied overhead is not material, prepare the adjusting entry to allocate any over-or underapplied overhead to Cost of Goods Sold at the end of 2017 Complete this question by entering your answers in the tabs below Req 18 Req 1C Req 2 Req 1A overheing toh tosn y toGords sond ert phoi ed ovf203d s not material, prepare the adjusting entry to allocate any over- or underapplied View transaction list Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of year 2017. Note: Enter debits before credits Debit Credit Date Dec 31 General Journal
