Teton UTV Works manufactures utility terrain vehicles $($UTVs$).$ The firm uses a job$-$order costing sys$-$tem, and manufacturing overhead is applied on the basis of direct$-$labor hours. Estimated manufacturing overhead for the year is $$240,000.$ The firm employs $10$ master assemblers, who constitute the direct$-$labor force. Each of these employees is expected to work $2,000$ hours during the year, which represents each employce's practical capacity. The following events occurred during October.

a$.$ The firm purchased $3,000$ feet of stainless steel tubing at $$11$ per foot.

b$.$ Twenty tires were requisitioned for production. Each tire cost $$23.$

c$.$ Five gallons of lubricant were requisitioned for production. The lubricant cost $$20$ per gallon.

Lubricant is treated as an indirect material.

d$.$ Depreciation on the workshop building for October was $$8,000.$

e$.$ A $$400$ utility bill was paid in cash.

f$.$ Time cards showed the following usage of labor:

Job number G$60$: $12$ Thor model UTVs, $1,000$ hours of direct labor

Job number C$81$: $20$ Loki model UT Vs$,700$ hours of direct labor

The master assemblers $($direct$-$labor personnel$)$ earn $$20$ per hour.

g$.$ The October property tax bill for $$910$ was received but has not been paid in cash

h$.$ The firm employs laborers $($in addition to the master assemblers$)$ who perform carious tasks such as material handling and shop cleanup. Their wages for october amounted to $$2,500$

i$.$ Job number G$60,$ which was started in September, was finished in October. The total cost of the job was $$14,400.$

j$.$ Nine of the Thor model UTVs from job number G$60$ were sold in October for $$1,500$ each

Required:

$1.$ Calculate the firm's predetermined overhead rate for the year

$2.$ Prepare journal entries to record the events described above