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At the beginning of the year, Learer Company's manager estimated total direct labor cost to...

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Accounting

At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,509,000. The manager also
estimated the following overhead costs for the year.
For the year, the company incurred $1,522,700 of actual overhead costs. It completed and sold five jobs with the following direct labor
costs: Job 201, $604,900; Job 202, $563,900; Job 203,$298,900; Job 204,$716,900; and Job 205, $314,900. In addition, Job 206 is
in process at the end of the year and had been charged $17,900 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.
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 1C
Req 2
Determine the predetermined overhead rate for the year.
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