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What is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question 1 At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 40 persons working an average of 3.000 hours each at an average wage rate of $20 per hour. The manager also estimated the following manufacturing overhead costs for the year 20 Indirect labor Factory supervision Rent on factory building Factory utilities Factory insurance expired Depreciation Factory equipment Repairs expense-Factory equipment Factory supplies used Miscellaneous production costs Total estimated overhead costs $ 321,200 156.000 142,000 90,000 70,000 490,00 62,00 70.800 38,00 $1,440,000 At year-end, records show the company incurred $1,542,000 of actual overhead costs.it completed and sold five jobs with the following direct labor costs: Job 201.5606,000 Job 202 $565.000, Job 203. $300,000, Job 204, 5718,000, and Job 205 $316,000 in addition, Job 206 is in process at the end of the year and had been charged $19,000 for direct lobor No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor com Required 1. Determine the predetermined overhead rate for the year 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1c. Determine the over or underapplied overhead at the year end, 2. Assuming that any over or underapplied overhead is not material, prepare the adjusting entry to allocate any over of underappled overhead to Cost of Goods Sold at the end of the year Answer is not complete. Complete this question by entering your answers in the tabs below. Return to question 1 1 20 points Tollowing direct acor COSTS JOO CUT, 700, VOU; JOD 202.356, VVU, JOD 203, JUUUUU, JOD 204, 3/6.00, ano Joo 205, >10.00 In addition, Job 206 is in process at the end of the year and had been charged $19.000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor cost Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 16 Reg 10 Reg 2 Determine the over or underapplied overhead at the year-end. Factory Overhead Actual overhead cost 1,542,000 Estimated overhead cost 1,514 400 Actual overhead cost 1,542.000 Underapplied overhead 14.598.400 Applied overhead cost Estimated overhead cost Estimated overhead cost Reg 10 Reg 2 > Return to quest At year-end, records show the company incurred $1,542,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $606,000: Job 202. $565,000; Job 203, $300,000: Job 204 $718,000; and Job 205, $316,000, In addition, Job 206 is in process at the end of the year and had been charged $19,000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold at the end of the year Answer is not complete Complete this question by entering your answers in the tabs below. Reg LA Reg 16 Req 10 Reg 2 Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any overor underapplied overhead to Cost of Goods Sold at the end of the year No General Journal Credit Date Dec 31 Debit 27.600 1 27,600 Accounts payable Cost of goods sold Factory overhead Cost of goods sold OOO Rec GER Suome Check my were 1 1 Assuming that any over or underapplied overhead is not material, prepare the adjusting entry to allocate any over or underapplied overhead to cost of Goods Sold at the end of the year View transaction lit 20 point Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year P References Credit Note: debit before credits Date General Journal Dec 31 Accounts payable Coat of goods sold Factory Overhead Cost of goods sold Debit 27.000 27.000 Recerd entry Clear entry View general Journal