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Accounting 11 Chapter 19 Graded Assignment Spring 2022 In December 2020, Challenger Watercraft's manager estimated next year's (2021) total direct labor cost assuming five employees working an average of 2,000 hours each at an average wage rate of $10 per hour ($100,000). The manager also estimated manufacturing overhead costs for 2020 of $200,000 At the end of 2021, records show the company incurred $199,000 of actual overhead costs. The following jobs were started and completed and were charged with the following direct material and labor costs. Direct Manufacturing Total Cost Job Labor of Job Direct Material Overhead 136 $50,000 $12.100 137 $33,000 $10,800 138 $19,800 $37.500 139 $22,600 $39.400 140 $6,800 $3,200 Totals $132,200 $103.000 Required 1. Determine the predetermined overhead rate for 2021. The company assigns overhead costs based upon direct labor cost. 2. Determine the manufacturing overhead cost applied to each of the six jobs and in total and enter in the table above. 3. Determine the total cost of each of the six jobs and enter in the table above. 4. Determine the amount of over or underapplied manufacturing overhead and label appropriately. You might consider representing the manufacturing overhead temporary expense account as a T-account with actual costs on the debit side and applied costs on the credit side. 5. Make the journal entry for adjusting the overhead account to the actual amount