At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 30 persons working an average of 2,000 hours each at an average wage rate of $40 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 $ 334,200 143,000 155,000 103,000 83,000 412,000 75,000 83,800 51,000 $1,440,000 At year-end, records show the company incurred $1,592,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $619,000; Job 202, $578,000; Job 203, $313,000; Job 204, $731,000; and Job 205, $329,000. In addition, Job 206 is in process at the end of the year and had been charged $32,000 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 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. Req 1A Req 1B Req 1C Req 2 Determine the predetermined overhead rate for the year. Predetermined overhead rate Choose Numerator: Choose Denominator: Predetermined overhead rate Predetermined overhead rate II Req 1A Req 1B Req 1C Req 2 Determine the total overhead cost applied to each of the six Overhead cost applied Job No. Direct Labor 201 $ 619,000 202 578,000 203 313,000 204 731,000 205 206 329,000 32,000 $ 2,602,000 Total Req 1A Reg 1B Req 10 Req 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead Req 1A Req 1B Req 1c Req 2 Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to alloc overhead to Cost of Goods Sold at the end of the year. 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. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31