Shire Companys predetermined overhead rate is based on direct labor cost. Management estimates the company will incur

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Shire Company’s predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $747,500 of overhead costs and $575,000 of direct labor cost for the period. During March, Shire began and completed Job 56.

1. What is the predetermined overhead rate for this period?

2. Use the information on the following job cost sheet to determine the total cost of Job 56.

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Fundamental Accounting Principles

ISBN: 9781260247985

25th Edition

Authors: John J Wild, Ken Shaw

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Question Posted: Oct 27, 2021 02:50 AM

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Shire Companys predetermined overhead rate is based on direct labor cost. Management estimates the company will incur

Question:

JOB COST SHEET Customer's Name Keiser Co. Job No. 56 Job Description 3 customized systems Direct Materials Direct Labor Overhead Date Requisition No. Cost Time-Ticket No. Cost Rate Cost Mar. 8 M-129 $5,000 T-306 $ 700 Mar. 11 M-142 7,000 T-432 1,250 Mar. 18 M-167 3,640 T-456 1,250 Totals

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