At the beginning of the year, Learer Company's manager estimated total direct labor cost to be...

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At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,506,000. 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 $ 559,800 140,600 156,600 Total estimated overhead costs 480,600 60,600 105,400 $ 1,503,600 For the year, the company incurred $1,521,800 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,600; Job 202, $563,600; Job 203, $298,600; Job 204, $716,600; and Job 205, $314,600. In addition, Job 206 is in process at the end of the year and had been charged $17,600 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 1B Req 1C Req 2 Determine the predetermined overhead rate for the year. Numerator: 1 Predetermined overhead rate Denominator: < Req 1A = Predetermined overhead rate = Predetermined overhead rate = Req 1B > 0 At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,506,000. 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 $ 559,800 140,600 156,600 480,600 60,600 105,400 Total estimated overhead costs $ 1,503,600 For the year, the company incurred $1,521,800 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,600; Job 202, $563,600; Job 203, $298,600; Job 204, $716,600; and Job 205, $314,600. In addition, Job 206 is in process at the end of the year and had been charged $17,600 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 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 $ 604,600 202 563,600 203 298,600 204 716,600 205 314,600 206 17,600 Total $ 2,515,600 $ 0 < Req 1A Req 1C > At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,506,000. 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 $ 559,800 140,600 156,600 Total estimated overhead costs 480,600 60,600 105,400 $ 1,503,600 For the year, the company incurred $1,521,800 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,600; Job 202, $563,600; Job 203, $298,600; Job 204, $716,600; and Job 205, $314,600. In addition, Job 206 is in process at the end of the year and had been charged $17,600 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 1B Req 1C Req 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead < Req 1B Req 2 > 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 At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,506,000. 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 $ 559,800 140,600 156,600 Total estimated overhead costs 480,600 60,600 105,400 $ 1,503,600 For the year, the company incurred $1,521,800 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,600; Job 202, $563,600; Job 203, $298,600; Job 204, $716,600; and Job 205, $314,600. In addition, Job 206 is in process at the end of the year and had been charged $17,600 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 1B Req 1C Req 2 Determine the predetermined overhead rate for the year. Numerator: 1 Predetermined overhead rate Denominator: < Req 1A = Predetermined overhead rate = Predetermined overhead rate = Req 1B > 0 At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,506,000. 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 $ 559,800 140,600 156,600 480,600 60,600 105,400 Total estimated overhead costs $ 1,503,600 For the year, the company incurred $1,521,800 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,600; Job 202, $563,600; Job 203, $298,600; Job 204, $716,600; and Job 205, $314,600. In addition, Job 206 is in process at the end of the year and had been charged $17,600 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 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 $ 604,600 202 563,600 203 298,600 204 716,600 205 314,600 206 17,600 Total $ 2,515,600 $ 0 < Req 1A Req 1C > At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,506,000. 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 $ 559,800 140,600 156,600 Total estimated overhead costs 480,600 60,600 105,400 $ 1,503,600 For the year, the company incurred $1,521,800 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,600; Job 202, $563,600; Job 203, $298,600; Job 204, $716,600; and Job 205, $314,600. In addition, Job 206 is in process at the end of the year and had been charged $17,600 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 1B Req 1C Req 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead < Req 1B Req 2 > 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