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25 At the beginning of the year, Learer Company's manager estimated 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 the year. 12 points 8 02:02:44 Indirect labor Factory supervision Rent on factory building Factory utilities Factory insurance expired Depreciation-Factory equipment Repairs expense-Factory equipment Factory supplies used Miscellaneous production costs Total estimated overhead costs $ 333,200 128,000 154,000 102,000 82,000 494,000 74,000 82,800 50,000 $1,500,000 At year-end, 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, $577,000; Job 203, $312,000; Job 204, $730,000; and Job 205, $328,000. In addition, Job 206 is in process at the end of the year and had been charged $31,000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 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 the year. Complete this question by entering your answers in the tabs below. Mc 1ILOLO Luncuus puuuc LLUI LUOLO Total estimated overhead costs $1,500,000 25 At year-end, 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, $577,000; Job 203, $312,000; Job 204, $730,000; and Job 205, $328,000 In addition, Job 206 is in process at the end of the year and had been charged $31,000 for direct labor. No jobs were in process att beginning of the year. The company's predetermined overhead rate is based on direct labor cost. 12 points & 02:00:25 Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underappli overhead to Cost of Goods Sold at the end of the year. 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. Predetermined overhead rate Choose Numerator: 1 Choose Denominator: = Predetermined overhead rate Predetermined overhead rate 1 1 25 beginning of the year. The company's predetermined overhead rate is based on direct labor co Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting ent overhead to Cost of Goods Sold at the end of the year. 12 points 02:02:24 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Reg 2 Determine the total overhead cost applied to each of the six jobs during the year. Overhead cost applied Job No. Direct Labor 201 $ 618,000 202 577,000 203 312,000 204 730,000 205 328,000 206 31,000 Total $ 2,596,000 Miscellaneous production costs Total estimated overhead costs 50,000 $1,500,000 25 12 points At year-end, records show the company incurred $1,600,000 of actual overhead costs. It completed and sold five jo following direct labor costs: Job 201, $618,000; Job 202, $577,000; Job 203, $312,000; Job 204, $730,000; and Jol In addition, Job 206 is in process at the end of the year and had been charged $31,000 for direct labor. No jobs wer beginning of the year. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any ove overhead to Cost of Goods Sold at the end of the year. 8 02:02:15 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead Complete this question by entering your answers in the tabs below. 25 Req 1A Req 1B Reg 1C Req 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 the year. 12 points View transaction list 8 02:02:06 Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 MC Graw Hill