In December 2019, Reiver Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following Manufacturing overhead costs for year 2019: 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 $159,600 120,000 70,000 44,000 34,000 240,000 30,000 34,400 18,000 $750,000 At the end of 2020, records show the company incurred $725,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $354,000; Job 202, $330,000; Job 203, $175,000; Job 204, $420,000; and Job 205, $184,000. In addition, Job 206 is in process at the end of 2020 and had been charged $10,000 for direct labor. No jobs were in process at the end of 2018. The company's predetermined overhead rate is based on direct labor cost. Required: 1. Determine the following: a. Predetermined overhead rate for the year 2020. b. Total overhead cost applied to each of the six jobs during the year 2020. C. Over- or underapplied overhead at year-end 2020. 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 2020