Check Problem 15-4A Overhead allocation and adjustment using a predetermined overhead rate LO P3, P4 In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 40 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 2017 0 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 $ 340,200 110,000 101,600 107,000 87,000 473,000 79,000 87,800 55,000 $1,440,000 At the end of 2017, records show the company incurred $1.599,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $623,000: Job 202, $582,000; Job 203, $317,000: Job 204, $735,000; and Job 205, $333,000 In addition, Job 206 is in process at the end of 2017 and had been charged $36.000 for direct lahor No lobs were in process at the Required 1-a. Determine the predetermined overhead rate for 2017. 1-b. Determine the total overhead cost applied to each of the six jobs during 2017 1-c. Determine the over- or underapplied overhead at year-end 2017 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 2017 Complete this question by entering your answers in the tabs below. Req IA Reg 18 Req 1C Reg 2 Determine the predetermined overhead rate for 2017. Predetermined overhead rate Choose Denominator Choose Numerator: Estimated direct labor cost 1 Predetermine overhead rate Predetermine overhead rate 0 1 Reg 1B > Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 1C Reg 2 Determine the total overhead cost applied to each of the six jobs during 2017, Job No. Direct Labor Overhead cost applied 201 $ 623,000 202 582,000 203 317,000 204 735,000 205 333,000 206 36,000 Total $ 2,626,000 $ 0 Req 1A Reg 1B Req 1C Req 2 Determine the over- or underapplied overhead at year-end 2017. Factory Overhead Req 1A Reg 1B Reg 10 Reg 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 2017. 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 year 2017, Note: Enter debits before credits. General Journal Debit Credit Date Dec 31