7a.

Your Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company manufactures tools to customer specifications. The following data pertain to Job 1501:

	Direct materials used	$4,200
	Direct labor-hours worked	300
	Direct labor rate per hour	$8.00
	Machine-hours used	200
	Predetermined overhead rate per machine-hour	$15.00

What is the total cost recorded for Job 1501?

7b. Your Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The following information applies to the company for the current year:

	Direct labor-hours:
	Estimated for the year................	24,000
	Actual hours worked..................	25,000
	Direct labor cost:
	Estimated for the year................	$300,000
	Actual cost incurred...................	$210,000
	Manufacturing overhead:
	Estimated for the year................	$240,000
	Actual cost incurred...................	$185,000

What is the predetermined overhead rate for the period?

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