At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 40 persons working an average of 3,000 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 $ 316,200 100,000 147.000 95,000 75,000 521,000 67,000 75,800 43,000 $1,440,000 ces At year-end, records show the company incurred $1,568,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $611,000, Job 202. $570,000: Job 203, $305,000, Job 204 $723,000; and Job 205, $321000 In addition, Job 206 is in process at the end of the year and had been charged $24,000 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-a. 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 ony over or underapplied overhead is not material, prepare the adjusting entry to allocate ohiy over- or underapplied overhead to Cost of Goods Sold at the end of the year Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Reg 10 Reg 2 Rain the infarth 7 Required 1-a. 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. Complete this question by entering your answers in the tabs below. OK ncos Reg 1A Reg 1B Reg 10 Reg 2 Determine the total overhead cost applied to each of the six jobs during the year. Job No Direct Labor o pirhead cost applied 201 $ 611,000 202 570,000 203 305,000 204 723,000 205 321,000 206 24,000 Total $ 2,554,000 $ Wymy Meycu. Nun COLOR Utre au o Required 1-a. 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 1C Reg 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead 0 Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 1C Reg 2 Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underam overhead to Cost of Goods Sold at the end of the year. COOK Vlow transaction list rint Journal entry worksheet rences 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. Dato Dec 31 General Journal Debit Credit Record entry Clear entry Vineral ou
