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8 15 points 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. Indirect labor Rent on factory building Factory utilities Depreciation-Factory equipment Repairs expense-Factory equipment Indirect materials. Total estimated overhead costs $ 560,500 141,300 157,300 481,300 61,300 106, 100 $ 1,507,800 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. Dete ine 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. 8 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. 15 points 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. Req 1A Req 1B Numerator: Estimated overhead costs Req 1C Determine the predetermined overhead rate for the year. 1,507,800 Req 2 1 1 1 Predetermined overhead rate Denominator: Estimated direct labor cost $ Req 1A 2,513,000 = = = Predetermined overhead rate Predetermined overhead rate 60% Req 1B > 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. Req 1A Job Number Req 1B 201 202 203 204 205 206 Total Req 1C Determine the overhead applied to each of the six jobs during the year. Overhead applied Req 2 Direct Labor $ 605,300 $ 564,300 299,300 717,300 315,300 18,300 $ 2,519,800 $ 363,180 338,580 179,580 430,380 189, 180 10,980 1,511,880 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Actual overhead cost Estimated overhead cost Determine the over- or underapplied overhead at the year-end. Factory Overhead Req 2 1,523,900 12,020 1,511,880 Applied overhead cost 15 points Journal entry worksheet
