At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,510,000. The manager alsoestimated the following overhead costs for the year.Indirect labor.Rent on factory buildingFactory utilitiesDepreciation-Factory equipmentRepairs expense-Factory equipmentIndirect materialsTotal estimated overhead costsFor the year, the company incurred $1,523,000 of actual overhead costs. It completed and sold five jobs with the following direct laborcosts: Job 201, $605,000; Job 202, $564,000; Job 203, $299,000; Job 204, $717,000; and Job 205, $315,000. In addition, Job 206 isin process at the end of the year and had been charged $18,000 for direct labor. No jobs were in process at the beginning of the year.The company's predetermined overhead rate is based on a percent of direct labor cost.Required1-a. Determine the predetermined overhead rate for the year.1-b. Determine the overhead applied to each of the six jobs during the year.1-c. Determine the over- or underapplied overhead at the year-end.2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end.Complete this question by entering your answers in the tabs below.Req 1AReq 1B$ 560,200141,000157,000481,00061,000105,800$ 1,506,000Req 1CNumerator:Determine the predetermined overhead rate for the year.111Req 2Predetermined overhead rateDenominator:< Req 1A===Predetermined overhead ratePredetermined overhead rateReq 1B >

Name: At the beginning of the year, Learer Company's manager estimated tota
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,510,000. The manager alsoestimated the following overhead costs for the year.Indirect labor.Rent on factory buildingFactory utilitiesDepreciation-Facto