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Problem 19-5A (Algo) Computing and applying overhead to jobs; recording under- or overapplied overhead LO P3, P4 At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,513,000. The manager also estimated the following overhead costs for the year. For the year, the company incurred $1,523,900 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, \$605,300; Job 202, \$564,300; Job 203, \$299,300; Job 204, $717,300; and Job 205, $315,300. In addition, Job 206 is in process at the end of the year and had been charged $18,300 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on a percent of direct labor cost. Required: 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Complete this question by entering your answers in the tabs below. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. Note: Enter debits before credits