At the beginning of the year. Learer Company's manager estimated total direct labor cost assuring 40 persons working an average of 2,000 hours each at an average wage rate of $30 per hour. The manager also estimated the following manufacturing overhead costs for the year Indirect labor Factory supervision Rent on factory building Factory utilities Factory Insurance expired Depreciation Factory equipment Hepairs expense-factory equipment Factory supplies used Miscellaneous production costs Total estimated overhead costs $340,200 110.000 101,600 107,000 17,000 473,000 79,000 37,000 $5,000 $1.440,000 At year-end, records show the company incurred $1.599,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs Job 201, $623.000, Job 202. $582.000, Job 203, 5317000, Job 204. $735,000, and Job 205, 5333.000 In addition, Job 206 is in process at the end of the year and had been charged $36,000 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-o. 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 t.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. Reg 1A Reg 1B Reg 1 Ren 2 Determine the predetermined overhead rate for the year Predetermined overhead rate Choose Denominator Choose Numerator: Predetermined overhead rate Factory supplies used Miscellaneous production costs Total estimated overhead costs 87,500 55,000 $1,440,000 At year-end, records show the company incurred $1599,000 of actual overhead costs It completed and sold five jobs with the following direct labor costs. Job 201.5623,000 Job 202 $582,000, Job 203, $317000: Job 204. $735,000, and Job 205, $333,000 In addition, Job 206 is in process at the end of the year and had been charged $36.000 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 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 underapplied overhead to cost of Goods Sold at the end of the year Complete this question by entering your answers in the tabs below. Reg 1A Reg 10 Red 16 Rog 2 Determine the predetermined overhead rate for the year. Predetermined head roto Choose Denominator: Choose Numerator: Predetermined overhead rate Predetermined overhead rate Reg 10 > 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 overhead to Cost of Goods Sold at the end of the year Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 10 Reg 2 Determine the total overhead cost applied to each of the six jobs during the year. Job No. Overhead cost applied 201 202 203 Direct Labor $ 623,000 582,000 317.000 735,000 333,000 36,000 $ 2,626,000 204 205 206 Total 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 underapplied overhead to cost of Goods Sold at the end of the year Complete this question by entering your answers in the tabs below. Req IA Reg 18 Reg 1C Reg 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead 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 Record entry Clear entry View general Journal
