Smithson Electric provides residential and business electric repair services. While direct labor and materials costs are...

 

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Smithson Electric provides residential and business electric repair services. While direct labor and materials costs are traced to individual customers, administrative labor and transportation costs are considered overhead and applied as a percentage of direct labor costs. At the beginning of the year, Smithson estimates $10,000 of overhead costs and $50,000 of direct labor costs. Actual costs for the year are $12,000 for overhead and $48,000 for direct labor. Ending balances for WIP Inventory, Finished Goods Inventory, and Cost of Goods Sold are $4,000, $15,000, and $141,000 respectively. PR 4-5 (Static) Questions a-c. Answer the following questions based on the details provided. Question a. What is Smithson's predetermined overhead rate as a percentage of direct labor? Note: Round your answer to the nearest percent. b. The Jackson account accumulated $5,000 in direct labor costs and $3,300 in direct materials for the year. What is the amount of overhead charged to the Jackson account? Note: Enter your answer in whole dollar amount. c. Using the data from Part B above, what is the total cost for Jackson? Note: Enter your answer in whole dollar amount. Answer % Smithson Electric provides residential and business electric repair services. While direct labor and materials costs are traced to individual customers, administrative labor and transportation costs are considered overhead and applied as a percentage of direct labor costs. At the beginning of the year, Smithson estimates $10,000 of overhead costs and $50,000 of direct labor costs. Actual costs for the year are $12,000 for overhead and $48,000 for direct labor. Ending balances for WIP Inventory, Finished Goods Inventory, and Cost of Goods Sold are $4,000, $15,000, and $141,000 respectively. PR 4-5 (Static) Questions a-c. Answer the following questions based on the details provided. Question a. What is Smithson's predetermined overhead rate as a percentage of direct labor? Note: Round your answer to the nearest percent. b. The Jackson account accumulated $5,000 in direct labor costs and $3,300 in direct materials for the year. What is the amount of overhead charged to the Jackson account? Note: Enter your answer in whole dollar amount. c. Using the data from Part B above, what is the total cost for Jackson? Note: Enter your answer in whole dollar amount. Answer %