Save Help Save & Exit Subm In December 2016. Learer Company's manager estimated next year's total direct labor cost assuming 35 persons working an average of 2,000 hours each at an average wage rate of $40 per hour. The manager also estimated the following manufacturing overhead costs for 2017 Indirect labor Tactory supervision Rent on factory building Factory utilities Factory insurance expired Depreciation-Pactory equipment Repairs expense-Factory equipment Factory supplies used Miscellaneous production costa Total estimated overhead coats $ 329,200 354,000 150,000 98,000 78,000 756.000 70,000 78,800 46.000 $1.960,000 At the end of 2017, records show the company incurred $1821,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $614,000; Job 202, $573,000, Job 203, $308,000, Job 204, $726,000, and Job 205, $324,000 In addition, Job 206 is in process at the end of 2017 and had been charged $27,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost Required 1-a. Determine the predetermined overhead rate for 2017, 1-b. Determine the total overhead cost applied to each of the six jobs during 2017 1-c. Determine the over- or underapplied overhead at year-end 2017 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 2017