At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2.512,000. 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 $ 560,400 141, 200 157,200 481, 2ee 61,200 106,00 $ 1,507, 2ee For the year, the company incurred $1,523,600 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $605,200, Job 202. $564,200; Job 203, $299,200; Job 204, $717,200; and Job 205, $315,200. In addition, Job 206 IS in process at the end of the year and had been charged $18,200 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 Reg 1B Reg 10 Req 2 Determine the predetermined overhead rate for the year. Predetermined overhead rate Denominator: Numerator: 1 Predetermined overhead rate Predetermined overhead rate 11 / = 11 Reg 1A Reg 1B Reg 1c Reg 2 Determine the overhead applied to each of the six jobs during the year. Overhead applied Job Number 201 202 203 204 205 206 Total Direct Labor $ 605,200 564,200 299,200 717,200 315,200 18,200 $ 2,519,200 Reg 1A Reg 1B Req 1C Reg 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead Journal entry worksheet