At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,501,000. 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 $ 559,300 140,100 156,100 480,100 60,100 104,900 $ 1,500,600 For the year, the company Incurred $1,520,300 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,100; Job 202, $563,100; Job 203, $298,100; Job 204, $716,100; and Job 205, $314,100. In addition, Job 206 Is In process at the end of the year and had been charged $17,100 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. Req 1A Req 1B Req 1C Req 2 Determine the predetermined overhead rate for the year. Numerator: 1 Predetermined overhead rate Denominator: = Predetermined overhead rate = Predetermined overhead rate = Req 1A Req 1B Req 1C Req 2 Determine the overhead applied to each of the six jobs during the year. Job Number Direct Labor Overhead applied 201 $ 604,100 202 563,100 203 298,100 204 716,100 205 314,100 206 17,100 Total $ 2,512,600 Req 1A Req 1B Req 1C Req 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead 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