Chap 15 Homework 8 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 $30 per hour. The manager also estimated the following manufacturing overhead costs for the year. 125 DO Indirect Labor Factory supervision Rent on factory building Factory utilities Factory insurance expired Depreciation Pactory equipment Hepairs expen-Factory equipment Factory wupplies used Monllaneoya production costs Total eatinded overhead costs $ 228, 200 136.000 149.000 97,000 77.000 201.000 69,000 77,800 45.000 31,080,000 Porn At year-end, records show the company incurred $1,563,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201. $613,000: Job 202.5572,000: Job 203. $307,000: Job 204 $725.000, and Job 205, $323,000 In addition, Job 206 is in process at the end of the year and had been charged $26.000 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 Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1 Next Mc Graw Hill O 28 EN Chap 15 Homework View 00 Journal entry worksheet 1 12.5 points Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. Sidoped Note: Enter debts before credits eBook Credit Debit General Journal Date Dec 31 Print References View general Journal Clear entry Record entry MC Graw HIM g