overhead rate is based on direct labor cost. 1) 2) Required Determine the following: a. Calculation...

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overhead rate is based on direct labor cost. 1) 2) Required Determine the following: a. Calculation of estimated total labor that was expected for 20XX. (expected persons times hours times rate) b. Predetermined overhead rate for year 20XX. c. Overhead cost applied to each of the six jobs during year 20XX. d. Over or underapplied at year-end 20XX. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry allocate any over- or underapplied overhead to Cost of Goods Sold at the end of year 20XX. Hint: COGS has a $18,420 credit balance at year end. overhead rate is based on direct labor cost. 1) 2) Required Determine the following: a. Calculation of estimated total labor that was expected for 20XX. (expected persons times hours times rate) b. Predetermined overhead rate for year 20XX. c. Overhead cost applied to each of the six jobs during year 20XX. d. Over or underapplied at year-end 20XX. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry allocate any over- or underapplied overhead to Cost of Goods Sold at the end of year 20XX. Hint: COGS has a $18,420 credit balance at year end.