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 ed on a percent of direct labor cos 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 10 Req 2 Determine the predetermined overhead rate for the year. Predetermined overhead rate Numerator: 1 Denominator: Predetermined overhead rate 11 11 1 Predetermined overhead rate 1 0 Predetermined overhead rate Numerator: 1 Denominator: 11 = ( Red V Reg 1B > Accounts receivable, net Actual overhead cost Applied overhead cost Cost of goods sold Estimated direct Tabor cost Estimated overhead costs Net sales HE Accounts receivable, net Actual overhead cost Applied overhead cost Cost of goods sold Predetermined overhead rate Denominator: Predetermined overhea 1 Predetermined overhea 7 Current assets Req 1B > Current liabilities Estimated direct labor cost Estimated overhead costs Net sales Determine the overhead applied to each of the six jobs during the year. Job Number Direct Labor Overhead applied 201 $ 604,000 202 563,000 203 298,000 716,000 204 205 314,000 206 17,000 2,512,000 Total $ 0 Determine the over- or underapplied overhead at the year-end. Factory Overhead 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.