Problems Problem 18-1. Elliott Company estimated that costs of production for the coming year would be Required: a. Calculate the overhead rate for the next year, assuming that it is based on direct labor dollars. b. Journalize the entry necessary to show the total cost of production for the month of May if the raw materials put into production totaled $6,000 and direct labor was $6,600. c. If actual production overhead costs incurred in May were $9,550, calculate the overabsorbed overhead for the month