Homework Problem 02-4A Overhead allocation and adjustment using a predetermined overhead rate LO P3, P4 At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 30 persons working an average of 2,500 hours each at an average wage rate of $30 per hour. The manager also estimated the following manufacturing overhead costs for the year. Indirect labor $ 323,200 Factory supervision 262,000 Rent on factory building 144,000 Factory utilities 92,000 Factory insurance expired 72,000 Depreciation-Factory equipment 280,000 Repairs expense-Factory 64,000 equipment Factory supplies used 72,800 Miscellaneous production 40,000 costs Total estimated overhead $1,350,000 costs At year-end, records show the company incurred $1,566,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $608,000: Job 202. $567,000; Job 203, $302.000, Job 204. $720,000: and Job 205, $318,000. In addition, Job 206 is in process at the end of the year and had been charged $21,000 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. k. 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 Req 1C Reg 2 Determine the predetermined overhead rate for the year. Predetermined overhead rate Choose Numerator: Choose Denominator Predetermined overhead rate 1 Predetermined overhead rate 1