At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,500,000. 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. Total estimated overhead costs $ 559,200 140,000 156,000 480,000 60,000 104,800 $ 1,500,000 For the year, the company incurred $1,520,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,000; Job 202, $563,000; Job 203, $298,000; Job 204, $716,000; and Job 205, $314,000. In addition, Job 206 is in process at the end of the year and had been charged $17,000 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 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 18 Req 1C Req 2 Determine the predetermined overhead rate for the year. Numerator: Predetermined overhead rate Denominator: = Predetermined terhead rate B Predetermined overhead rate Depreciation-Factory equipment Repairs expense-Factory equipment Indirect materials. Total estimated overhead costs 480,000 60,000 104,800 $ 1,500,000 For the year, the company incurred $1,520,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,000; Job 202, $563,000; Job 203, $298,000; Job 204, $716,000; and Job 205, $314,000. In addition, Job 206 is in process at the end of the year and had been charged $17,000 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 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 18. Req 1C Req 2 Determine the overhead applied to each of the six jobs during the year. Job Number Direct Labor Overhead applied 201 $ 604,000 202 563,000 203 298,000 204 716,000 205 314,000 206 17,000 Total $ 2,512,000 Factory utilities Depreciation-Factory equipment Repairs expense-Factory equipment Indirect materials: Total estimated overhead costs 156,000 480,000 60,000 104,800 $ 1,500,000. For the year, the company incurred $1,520,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,000; Job 202, $563,000; Job 203, $298,000; Job 204, $716,000; and Job 205, $314,000. In addition, Job 206 is in process at the end of the year and had been charged $17,000 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 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 18 ReqC Req 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead < Req 1B Req 2 > Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. View transaction list Journal entry worksheet < 1 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 December 31 General Journal Debit Credit Record entry Clear entry View general journal