Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the
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Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the year:
Direct materials, $650,000;
Direct labor, $3,000,000;
Overhead applied, $1,800,000.
1. Determine the company’s predetermined overhead rate for the year.
2. The ending balance of its Work in Process Inventory account was $71,000, which included $20,000 of direct labor costs. Determine the direct materials costs in ending Work in Process Inventory.
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