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 $ 559,200 140,000 Factory utilities 156,000 Depreciation-Factory equipment 480,000 Repairs expense-Factory equipment 60,000 104,800 Indirect materials Total estimated overhead costs $1,500,000 Page 711 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. Determine the following. a. Predetermined overhead rate for the year. b. Overhead applied to each of the six jobs during the year. c. Over- or underapplied overhead at year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end.