At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 55 persons working an average of 2000 hours each at an average wage rate of $20 per hour. The manager also estimated the following manufacturing overhead costs for the year Indirect labor Factory supervision Rent on factory building Factory utilities Factory insurance expired Depreciation-Factory equipment Repairs expense-Factory equipment Factory supplies used Miscellaneous production costs Total estimated overhead costs $ 261,200 156, eee 152,000 100,000 se, co 480, eee 72,800 89,800 48,000 $1,430, eee At year-end, records show the company incurred $1.711,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $616,000: Job 202 $575,000: Job 203, $310,000: Job 204. $728.000, and Job 205. $326,000. In addition, Job 206 is in process at the end of the year and had been charged $29,000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor cost. Required 1-0. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to cost of Goods Sold at the end of the year Determine the predetermined overhead rate for the year. Predetermined overhead rate Choose Denominator: Choose Numerator: Predetermined overhead rate Predetermined overhead rate 1 = Determine the total overhead cost applied to each of the six jobs during the year. Job No. Overhead cost applied 201 Direct Labor $ 616,000 575,000 310.000 202 203 204 728,000 326,000 205 206 29,000 $ 2,584,000 Total 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 General Journal Debit Credit Dec 31