Problem 19-5A (Algo) Computing and applying overhead to jobs; recording under- or overapplied overhead LO P3, P4 At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,501,000. The manager also estimated the following overhead costs for the year. Indirect labor Rent on factory building Factory utilities Depreciation-Factory equipment Repairs expense-Factory equipment Indirect materials $559,300 140,100 156,100 Total estimated overhead costs 480,100 60,100 104,900 $1,500,600 For the year, the company incurred $1,520,300 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,100; Job 202, $563,100; Job 203, $298,100; Job 204, $716,100; and Job 205, $314,100. In addition, Job 206 is in process at the end of the year and had been charged $17,100 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: 1-8. 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. Complete this Determine the predetermined overhead rate for the year. Numerator: Predetermined overhead rate Denominator: Predetermined overhead rate Predetermined overhead rate Req 1B > 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 Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 1C Req 2 Determine the overhead applied to each of the six jobs during the year. Job Number Direct Labor Overhead applied 201 $ 604,100 202 563,100 203 298,100 204 716,100 205 314,100 206 17,100 Total $ 2,512,600 $ ^ 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- Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Determine the over- or underapplied overhead at the year-end. Total actual overhead cost Total applied overhead cost Journal entry worksheet < 1 Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal