Overhead Application, Journal Entries, Job Cost At the beginning of the year, Dillon Company budgeted overhead of $130,000 as well as 15,000 direct labour hours. During the year, Job K456 was completed with the following information: direct materials cost, $2,340; direct labour cost, $3,600. The average wage for Dillon Company employees is $10 per hour. By the end of the year, 15,400 direct labour hours had actually been worked, and Dillon Company incurred the following actual overhead costs for the year: Equipment lease $ 5,000 Depreciation on building 20,000 Indirect labour 100,000 Utilities 15,000 Other overhead 45,000 I Required: 1. Calculate the overhead rate for the year. 2. Calculate the total cost of Job K456. 3. Prepare the journal entries to record actual overhead and to apply overhead to production for the year. 4. Is overhead over-applied or under-applied? By how much? 5. Assuming that the normal cost of goods sold for the year is $00,000, what is the adjusted cost of goods sold