BonitaWings, Inc. manufactures airplanes for use in stunt shows. Bonita's factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color). Bonita uses a job order costing system to accumulate product costs. At the end of 2020, Bonita's accountants developed the following expectations for 2021 based on the marketing department's sales forecast Budgeted overhead cost Estimated machine hours Estimated direct labor hours Estimated direct materials cost $1.050,000 50,000 9,000 $1.500.000 Bonita's inventory count.completed on December 31, 2020, revealed the following ending inventory balances: Raw Materials inventory Work in Process Inventory Finished Goods Inventory $251.000 $625,000 $2.080.000 The company's 2021 payroll data revealed the following actual payroll costs for the year: Job Title Number Employed Wage Rate Der Hour Annual Salary per Total Hours Worked per The company's 2021 payroll data revealed the following actual payroll costs for the year. Annual Total Hours Number Wage Rate Salary per Worked per Job Title Employed per Hour Employee Employee President and CEO 1 $224.000 Vice president and CFO 1 $177,000 Factory manager 1 $40,300 Assistant factory manager 1 $31.400 Machine operator 5 2.250 Security guard factory 2 $20,400 Forklift operator 2 $8 2.000 Corporate secretary 1 $35,700 Janitor, factory 2 $6 2.150 $15 The following information was taken from Bonita's Schedule of Plant Assets. All assets are depreciated using the straight line method Plant Asset Factory building Administrative office Factory equipment Purchase Price $4.000.000 $650 000 $2.000.000 Salvage Value $150.000 $125.000 $20.000 Useful Life 20 Years 30 Years 12 Years Other miscellaneous costs for 2021 all paid in cash included: Other miscellaneous costs for 2021 all paid in cash included: Cost Factory insurance fully expired Administrative office utilities Factory utilities Office supplies (fully consumed) Amount $12,300 $5.400 $30,100 $4,100 Additional information about Bonita's operations in 2021 includes the following Raw materials purchases for the year amounted to $1.945,000. All materials were purchased on account The company used $1.360.000 in raw materials during the year. Of that amount, 85% was direct materials and 15% was Indirect materials Bonita applied overhead to Work in Process Inventory based on direct materials cost, Airplanes costing $3,450,000 to manufacture were completed and transferred out of Work in Process Inventory Bonita uses a markup of 150% to price its airplanes. Sales for the year were 56.570.000. All sales are made on account Note: This transaction requires two journal entries) (a) What was Bonita's predetermined overhead rate in 2021 Predetermined overhead rate of (a) What was Bonita's predetermined overhead rate in 2021? Predetermined overhead rate of direct materials cost e Textbook and Media