At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,518,000. The manager also estimated the following overhead costs for the year.

Indirect labor $561,000

Rent on factory building $141,000

Factory utilities 157,000

Depreciation-Factory equipment 481,000

Repairs expense-Factory equipment 61,000

Indirect materials 106,000

Total estimated overhead costs $1,510,800

For the year, the company incurred $1,525,400 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $605,800; Job 202, $564,800; Job 203, $299,800; Job 204, $717,800; and Job 205, $315,800. In addition, Job 206 is in process at the end of the year and had been charged $18,800 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.

At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,518,000. The manager aiso estimated the following overhead costs for the year. For the year, the company incurred $1,525,400 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, \$605,800; Job 202, \$564,800; Job 203, $299,800; Job 204, $717,800; and Job 205, $315,800. in addition, Job 206 is in process at the end of the year and had been charged $18,800 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. Complete this question by entering your answers in the tabs below. Determine the predetermined overhead rate for the year