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20. 3.00 In December 2014 Learer 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 $25 per hour. The manager also estimated the following manufacturing overhead costs for year 2015 At the end of 2015, records show the company incurred $1,520.000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs Job 201, $504,000: Job 202 $563 000: Job 203 $298.000. Job 204 $716 000 and Job 205 $314 ,000. In addition, Job 205 is in process at the end of 2015 and had been charged $17.000 for direct labor. No jobs were in process at the end of 2014. The company's predetermined overhead rate is based on direct labor cost. Required Determine the predetermined Overhead rate for year 2015 1 Determine the total overhead cost applied to each of the six jobs during year 2015 1Determine the over or underapplied overhead at year-end 2015 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 year 2015. View transaction is Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of year 2015 Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Clear entry View general journal In December 2014, Learer 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 $25 per hour. The manager also estimated the following manufacturing overhead costs for year 2015. 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 $ 319,200 240,000 140,000 88,000 68,000 480,000 60,000 68,800 36,000 Total estimated overhead costs $1,500,000 At the end of 2015, records show the company incurred $1,520,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,000; Job 202, $563,000; Job 203, $298,000; Job 204, $716,000; and Job 205, $314,000. In addition, Job 206 is in process at the end of 2015 and had been charged $17,000 for direct labor. No jobs were in process at the end of 2014. The company's predetermined overhead rate is based on direct labor cost