Jacob Welding, Inc. specializes in custom steel frames and uses job costing to account for its operations. The following information is available as of May 1 for the work-in-process inventory account. Jacob Welding pays an hourly rate of $15 for direct labor. The manufacturing overhead costs are applied to jobs based on the direct labor hours used. During the month of May, Jacob Welding spends $5,800 to purchase materials and $4,650 for manufacturing overhead. The operations in May are summarized below. Jobs 304,306 , and 307 are completed in May but only Jobs 304 and 307 are delivered to customers. Required: 1. Calculate the predetermined overhead rate used. 2. Prepare the necessary journal entries for May (assuming any over- or underapplied manufacturing overhead is written off to Cost of Goods Sold account monthly)