At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,510,000. 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 $ 560,200 141,000 157,000 481,000 61,000 105,800 Total estimated overhead costs $ 1,506,000 For the year, the company incurred $1,523,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $605,000; Job 202, $564,000; Job 203, $299,000; Job 204, $717,000; and Job 205, $315,000. In addition, Job 206 is in process at the end of the year and had been charged $18,000 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. Req 1A Req 1B Req 1C Req 2 Determine the predetermined overhead rate for the year. Numerator: Predetermined overhead rate Denominator: = Predetermined overhead rate = Predetermined overhead rate Req 1A Req 1B > Req 1A Req 1B Req 1C Req 2 Determine the overhead applied to each of the six jobs during the year. Job Number Direct Labor Overhead applied 201 $ 605,000 202 564,000 203 299,000 204 717,000 205 315,000 206 18,000 Total $ 2,518,000 < Req 1A Req 1C > Req 1A Req 1B Req 1C Req 2 Determine the over- or underapplied overhead at the year-end. Total actual overhead cost Total applied overhead cost < Req 1B Req 2 > Req 1A Req 1B Req 1C Req 2 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. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal < Req 1C Req 2 >