In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 25 persons working an average of 3,000 hours each at an average wage rate of $30 per hour. The manager also estimated the following manufacturing overhead costs for 2017. 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 $ 339,200 169,000 160,000 108,000 88,000 486,000 80,000 88,800 56,000 $1,575,000 At the end of 2017, records show the company incurred $1,863,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $624,000; Job 202, $583,000; Job 203, $318,000; Job 204, $736,000; and Job 205, $334,000. In addition, Job 206 is in process at the end of 2017 and had been charged $37,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost. 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 1A Reg 1B Req 1C Req 2 Determine the predetermined overhead rate for 2017. Predetermined overhead rate Choose Numerator: 1 Choose Denominator: Predetermine overhead rate / Predetermine overhead rate 1 0 In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 25 persons working an average of 3,000 hours each at an average wage rate of $30 per hour. The manager also estimated the following manufacturing overhead costs for 2017. 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 $ 339,200 169,000 160,000 108,000 88,000 486,000 80,000 88,800 56,000 $1,575,000 At the end of 2017, records show the company incurred $1,863,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $624,000; Job 202, $583,000; Job 203, $318,000; Job 204, $736,000; and Job 205, $334,000. In addition, Job 206 is in process at the end of 2017 and had been charged $37,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost. 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 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 $ 624,000 201 202 203 583,000 318,000 204 736,000 205 334,000 37,000 206 Total $ 2,632,000 $ 0 In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 25 persons working an average of 3,000 hours each at an average wage rate of $30 per hour. The manager also estimated the following manufacturing overhead costs for 2017. 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 $ 339,200 169,000 160,000 108,000 88,000 486,000 80,000 88,800 56,000 $1,575,000 At the end of 2017, records show the company incurred $1,863,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $624,000; Job 202, $583,000; Job 203, $318,000; Job 204, $736,000; and Job 205, $334,000. In addition, Job 206 is in process at the end of 2017 and had been charged $37,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost. 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 1A Req 1B Req 1C Req 2 Determine the over- or underapplied overhead at year-end 2017. Factory Overhead 0 At the end of 2017, records show the company incurred $1,863,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $624,000; Job 202, $583,000; Job 203, $318,000; Job 204, $736,000; and Job 205, $334,000. In addition, Job 206 is in process at the end of 2017 and had been charged $37,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost. 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 1A Reg 1B Req 10 Reg 2 Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underappl 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. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal