20 5 points At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,515,000. The manager also estimated the following overhead costs for the year. Indirect labor Rent on factory building Factory utilities Depreciation-Factory equipment Repairs expense-Factory equipment Indirect materials $ 560,700 141,500 157,500 481,500 61,500 Total estimated overhead costs 106,300 $ 1,509,000 For the year, the company incurred $1,524,500 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $605,500; Job 202, $564,500; Job 203, $299,500; Job 204, $717,500; and Job 205, $315,500. In addition, Job 206 is in process at the end of the year and had been charged $18,500 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on a percent of direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Determine the predetermined overhead rate for the year. Numerator: Predetermined overhead rate Denominator: = Predetermined overhead rate Estimated direct labor cost = Predetermined overhead rate 1,509,000 / = 0 Estimated overhead costs $ Req 1A Req 1B >