• Accounts payable
• Accounts receivable
• Accumulated depreciation
• Cash
• Common stock
• Cost of goods sold
• Factory overhead
• Factory wages payable
• Finished goods inventory
• General and administrative expenses
• Notes payable
• Prepaid rent
• Raw materials inventory
• Retained earnings
• Sales
• Work in process inventory

• Accounts receivable, net
• Actual overhead cost
• Applied overhead cost
• Cost of goods sold
• Current assets
• Current liabilities
• Estimated direct labor cost
• Estimated overhead costs
• Net sales

• THANKS

At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,508,000. The manager also estimated the following overhead costs for the year. For the year, the company incurred $1,522,400 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, \$604,800; Job 202, \$563,800; Job 203, \$298,800; Job 204, \$716,800; and Job 205, $314,800. In addition, Job 206 is in process at the end of the year and had been charged $17,800 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. Determine the predetermined overhead rate for the year. etermine the overhead applied to each of the six jobs during the year. Determine the over- or underapplied overhead at the year-end. 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