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In November 2023, Tech Solutions Manufacturing established its predetermined overhead rate for jobs produced during 2024 by using the following cost predictions: overhead costs, $920,000, and direct labor costs, $575,000. At year-end 2024, the company's records show that actual overhead costs for the year are $1,248,600. Actual direct labor cost had been assigned to jobs as follows. | Jobs completed and sold | $530,000 || Jobs in finished goods inventory | $96,000 || Jobs in work in process inventory | $74,000 || Total actual direct labor cost $700,000 | Determine the predetermined overhead rate for 2024.

In November 2023, Tech Solutions Manufacturing established its predetermined overhead rate for jobs produced during 2024 by using the following cost predictions: overhead costs, $920,000, and direct labor costs, $575,000. At year-end 2024, the company's records show that actual overhead costs for the year are $1,248,600. Actual direct labor cost had been assigned to jobs as follows. | Jobs completed and sold | $530,000 || Jobs in finished goods inventory | $96,000 || Jobs in work in process inventory | $74,000 || Total actual direct labor cost $700,000 | Determine the predetermined overhead rate for 2024.

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 4E: The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the...
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In November 2023, Tech Solutions Manufacturing established its predetermined overhead rate for jobs produced during 2024 by using the following cost predictions: overhead costs, $920,000, and direct labor costs, $575,000. At year-end 2024, the company's records show that actual overhead costs for the year are $1,248,600. Actual direct labor cost had been assigned to jobs as follows. | Jobs completed and sold | $530,000 || Jobs in finished goods inventory | $96,000 || Jobs in work in process inventory | $74,000 || Total actual direct labor cost $700,000 | Determine the predetermined overhead rate for 2024.
Transcribed Image Text:In November 2023, Tech Solutions Manufacturing established its predetermined overhead rate for jobs produced during 2024 by using the following cost predictions: overhead costs, $920,000, and direct labor costs, $575,000. At year-end 2024, the company's records show that actual overhead costs for the year are $1,248,600. Actual direct labor cost had been assigned to jobs as follows. | Jobs completed and sold | $530,000 || Jobs in finished goods inventory | $96,000 || Jobs in work in process inventory | $74,000 || Total actual direct labor cost $700,000 | Determine the predetermined overhead rate for 2024.
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