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Practice Problem 1 Accounting for overhead; Budgeted rates The Solomon Company uses a budgeted overhead rate for applying factory overhead to job orders on a machine hour basis for the machining department and on a direct labor cost basis for the finishing department. The company budgeted the following for 20_1: Factory overhead Machine hours Direct labor hours Direct labor cost Machining $10,000,000 200,000 30,000 Finishing $8,000,000 33,000 160,000 $900,000 $4,000,000 Required: 1. What is the budgeted overhead rate that should be used in the machining department? During the month of January, the cost record for job order no. 431 shows the following: Machining Finishing $14,000 $3,000 Direct materials requisitioned Direct labor cost Direct labor hours Machine hours $1,250 $ 600 30 130 2. What is the total overhead applied to Job 431? 3. Assuming that Job 431 consisted of 200 units of product, what is the unit cost of Job 431? Balances at the end of 20_1: Machining Finishing $11,200,000 $7,900,000 Factory overhead incurred Direct labor cost Machine hours $ 950,000 $4,100,000 220,000 32,000 4. Compute the under-applied or over-applied overhead for each department and for the factory as a whole. 5. Provide reasons why Solomon uses two different overhead application bases