300 costs Using a plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companios. Budgeted overthead for the vear was $507,500, and budgeted direct labor hourn were 29,000 , The ave June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Overhead is assigned as a percentage of direct labor cost. During Jure, jobs. 39 and 40 were completed; job 39 was sold at 120 percent of cost. (Naranjo had orioinaliy derti bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold job 40 in inventary while the customer worked out its financial difficuliek, Jos untinished at the end of the month. Required: 1. Calculate the overhead rate based on direct labor cont. of direct labor cost 2. Set up a simple job-order cost sheet for all Jobs in process during lune: Naranjo Company Job-Order Cost Sheets 3. What if the expected direct labor rate at the beginning of the year was 128 instead of bss? What would the overhead rate be? if required, round your overhead rate ans Hew budoeted dired iabor cost = 1 New overhesd rate - of direct labor cost