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4 Please complete the Problem as follows: 5 1) 6 Bigsby Company's manager estimated 2020's total direct labor cost assuming 100 persons working an average of 2,000 hours each at an average wage rate of $18 per hour. The manager also estimated the following manufacturing 7 overhead costs for year 2020. 8 9 Indirect labor $ 319,200 10 Factory supervision 240,000 11 Rent on factory building 140,000 12 Factory utilities 100,000 13 Factory insurance expired 68,000 14 Depreciation--Factory equipment 480,000 15 Repairs expense--Factory equipment 60,000 16 Factory supplies used 68,800 17 Miscellaneous production costs 36,000 18 Total estimated overhead costs $ 1,512,000 19 20 At the end of 2020, records show the company incurred $1,217,000 of actual overhead costs. It completed and sold five 21 jobs with the following direct labor costs: Job 625, $708,000; Job 626, $660,000; Job 627, $350,000; Job 628, $840,000; 22 and Job 629, $368,000. In addition, Job 630 is in process at the end of 2020 and had been charged $25,000 for direct labor. No jobs were in process at the beginning of 2020. The company's predetermined overhead rate is based on direct labor cost. 23 24 25 26 Required 27 1) Determine the following: 28 a. Calculation of estimated total labor that was expected for 2020. (expected persons times hours times rate) 29 b. Predetermined overhead rate for year 2020. 30 c. Overhead cost applied to each of the six jobs during year 2020. 31 d. Over or underapplied at year-end 2020. 32 2) Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry allocate 33 or underapplied overhead to Cost of Goods Sold at the end of year 2020. 34 6-7 8 DO QS Ex PR Class Notes In-Class Problem + Ready ver 1 2-5 9