Please complete the Problem as follows: Bigsby Company's manager estimated 20XX's total direct labor cost assuming 100 persons working an average of 2,000 hours each at an average wage rate of $18 per hour. The manager also estimated the following manufacturing overhead costs for year 20XX. Indirect labor Factory supervision Rent on factory building $ 319,200 240,000 140,000 Factory utilities 100,000 Factory insurance expired 68,000 Depreciation-Factory equipment 480,000 Repairs expense-Factory equipment 60,000 68,800 36,000 $ 1,512,000 Factory supplies used Miscellaneous production costs Total estimated overhead costs At the end of 20XX, records show the company incurred $1,221,000 of actual overhead costs. It completed and sold five jobs 1 with the following direct labor costs: Job 625, $708,000; Job 626, $660,000; Job 627, $350,000; Job 628, $840,000; and Job 2 629, $368,000. In addition, Job 630 is in process at the end of 20XX and had been charged $25,000 for direct labor. No jobs were in process at the beginning of 20XX. The company's predetermined overhead rate is based on direct labor cost. 23 24 25 26 27 1) 28 29 Required Determine the following: a. Calculation of estimated total labor that was expected for 20XX. (expected persons times hours times rate) b. Predetermined overhead rate for year 20XX. 30 c. Overhead cost applied to each of the six jobs during year 20XX. 31 32 2) 33 34 d. Over or underapplied at year-end 20XX. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry allocate any over-or underapplied overhead to Cost of Goods Sold at the end of year 20XX. Hint: COGS has a $18.420 credit balance at year end. 35