BRIEF EXERCISE 4-3 Compute the Predetermined Overhead Rate (CC8 Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labour hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $134,000 and the total direct labour would be 20.000 hours. Its actual total manufacturing overhead for the year was $123.900, and its actual total direct labour was 21.000 hours. Required: Compute the company's predetermined overhead rate for the year. BRIEF EXERCISE 4-4 Prepare Journal Entries (CC12) Larned Corporation recorded the following transactions for the past month: a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use in production. Of this amount. $62.000 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $112.000 were incurred. Of this amount, $101.000 was for direct labour and the remainder was for indirect labo... d. Additional manufacturing overhead costs of $175,000 were incurred.