In December 2016, Reiver Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following Manufacturing overhead costs for year 2017:

Indirect labor ............................................................ $159,600
Factory supervision ................................................. 120,000
Rent on factory building ......................................... 70,000
Factory utilities ......................................................... 44,000
Factory insurance expired ...................................... 34,000
Depreciation - Factory equipment ....................... 240,000
Repairs expense - Factory equipment ................. 30,000
Factory supplies used .............................................. 34,400
Miscellaneous production costs ............................ 18,000
Total estimated overhead costs ............................ $750,000

At the end of 2017, records show the company incurred $725,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $354,000; Job 202, $330,000; Job 203, $175,000; Job 204, $420,000; and Job 205, $184,000. In addition, Job 206 is in process at the end of 2014 and had been charged $10,000 for direct labor. No jobs were in process at the end of 2016. The company's predetermined overhead rate is based on direct labor cost.

Required:

Determine the following:

Predetermined overhead rate for the year 2017.

Total overhead cost applied to each of the six jobs during the year 2017. Over- or underapplied overhead at year-end 2017.

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 2017.