The Shotz Company had the following transactions and events during its first year of operations Estimated overhead for the year was $770,000, estimated direct labor cost for the year was $350,000, 1 Purchased materials on account, $567000 2. Requisitioned materials for production as follows direct materials - 85 percent of purchases, indirect materials - 12 percent of purchases 3. Direct labor for production is $331000 indirect laboris $125,000 4 Overhead incurred (not including materials or labor) $529,000 5.Overhead is applied to production based on direct labor cost at the rate of 6. Goods costing $976,000 were completed during the period. 7. Goods costing $513,200 were sold on account for $776,000 Required: (a) Calculate the overhead rate (6) Prepare the journal entries to record the transactions for the year (c) Prepare the journal entry to prorate the over or underapplied overhead to the appropriate accounts