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Chpt 15 Saved Help Sa B Problem 15-5A (Algo) Computing and applying overhead to jobs; recording under or overapplied overhead LO P3, P4 sed ces At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2.505.000. The manager also estimated the following overhead costs for the year. Indirect labor $ 559,700 Rent on factory building 140, 500 Factory utilities 156,500 Depreciation-Factory equipment 480,500 Repairs expenso-Pactory equipment 60,500 Indirect materials 105,300 Total estimated overhead costs $ 1,503,000 For the year, the company incurred $1,521,500 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,500; Job 202, $563,500, Job 203, $298,500, Job 204, $716,500; and Job 205, $314,500. In addition, Job 206 is in process at the end of the year and had been charged $17,500 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on a percent of direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Gbods Sold at year-end. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1C Reg 2 Determine the predetermined overhead rate for the year B For the year, the company incurred $1,521,500 of actual overneag costs. It completed and sold five jobs with costs: Job 201, $604,500; Job 202, $563,500; Job 203, $298,500; Job 204, $716,500; and Job 205, $314,50 in process at the end of the year and had been charged $17,500 for direct labor. No jobs were in process att The company's predetermined overhead rate is based on a percent of direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. ed k Complete this question by entering your answers in the tabs below. ces Req 1A Req 1B Rea 10 Reg 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead Reg 1B Req 10 Req 2 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. d View transaction list Journal entry worksheet ces