omek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the current year included the following estimates: Budgeted total factory overhead Budgeted total direct labor hours $660,000 66,000 At the end of the year the company shows these results: Actual factory overhead Actual direct labor hours $670,000 66,50e Required: 1. Compute the firm's predetermined factory overhead rate for the current year. 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the firm's predetermined factory overhead rate for the current year. Predetermined factory overhead rate per direct labor hour Required 2 > At the end of the year, the company shows these results: Actual factory overhead Actual direct labor hours $670,000 66,500 Required: 1. Compute the firm's predetermined factory overhead rate for the current year, 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the amount of overapplied or underapplied overhead, overhead < Required 1 Required 3 > Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the current year included the following estimates: Budgeted total factory overhead Budgeted total direct labor hours $660,000 66,000 At the end of the year, the company shows these results: Actual factory overhead Actual direct labor hours $670,000 66,500 Required: 1. Compute the firm's predetermined factory overhead rate for the current year. 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View transaction list Journal entry worksheet < 1 Record the entry to transfer the underapplied or overapplied overhead to Cost of Goods Sold. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Required 2