In December 2016, Learer Company's manager estimated next year's total direct labor cost assuming 40 persons working an average of 2,500 hours each at an average wage rate of 20 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 $320,200 111,000 141,000 89,000 69,000 402,000 61,000 69,800 37,000 $1,300,000 At the end of 2017, records show the company incurred $1,665,000 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 2017 and had been charged $18,000 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