SMT5 X Class MGMT 5016: Mix Brief bercise X S biomex 3 Magetal Account prodreader-ui.prodmheducation.com/epub/mn_2042/dats-Guid-9582f1628974215916056626 PA Compute the company's predetermined overhead rate for the year. BRIEF EXERCISE 3-4 Preparing Journal Entries (L04 - CC8] Larned Corporation recorded the following transactions for the past month: a. $180,000 in raw materials were purchased on account. b. $171,000 in raw materials were requisitioned for use in production of this amount, $10,000 was for indirect materials, and the remainder was for direct materials. Page 103 c. Total labour costs of $221,000 were incurred. Of this amount, $203,000 was for direct labour, and the remainder was for indirect labour. d. Manufacturing overhead costs of $375,000 were incurred. Required: Record the preceding transactions in journal entries