Additional Information a. Raw Materials inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $22,000; factory rent, factory utilities, $24,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April. a. Compute gross profit for April. b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Compute gross profit for April. Additional Information a. Raw Materials Inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $22,000; factory rent, $31,00 factory utilities, \$24,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Show how the three inventory accounts are reported on the April 30 balance sheet. At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,510,000. The manager also estimated the following overhead costs for the year. For the year, the company incurred $1,523,000 of actual overhead costs. It completed and sold five jobs with the following direct labc costs: Job 201, \$605,000; Job 202, \$564,000; Job 203, \$299,000; Job 204, \$717,000; and Job 205, \$315,000. In addition, Job 206 in process at the end of the year and had been charged $18,000 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 yeat. 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. For the year, the company incurred $1,523,000 of actual overhead costs. It completed and sold five jobs with the following direct lab costs: Job 201, \$605,000; Job 202, \$564,000; Job 203, \$299,000; Job 204, \$717,000; and Job 205, \$315,000. In addition, Job 206 in process at the end of the year and had been charged $18,000 for direct labor. No jobs were in process at the beginning of the ye 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 overhead applied to each of the six jobs during the year. For the year, the company incurred $1,523,000 of actual overhead costs. It completed and sold five jobs with the following costs: Job 201, \$605,000; Job 202, \$564,000; Job 203, \$299,000; Job 204, \$717,000; and Job 205, \$315,000. In additio in process at the end of the year and had been charged $18,000 for direct labor. No jobs were in process at the beginning 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 over-or underapplied overhead at the year-end. repare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. 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. Additional Information a. Raw Materials Inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $22,000; factory rent, $31,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Compute gross profit for April. Additional Information a. Raw Materials Inventory has a March 31 balance of $81,000. b. Raw materials purchases in April are $520.000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $22,000; factory rent, $31,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Show how the three inventory accounts are reported on the April 30 balance sheet