BusinessCourse Accounting for scrap Return to course -Support- Dashboard Amir Hassoun Renaissance Creations restores antique stained glass windows. All jobs generate some breakage or improper cuts. This scrap can be sold to stained glass hobbyists. Renaissance Creations expects to incur approximately 63,000 direct labor hours during the year. The following estimates are made in setting the predetermined overhead rate for the year: Overhead costs other than breakage $416080 Estimated cost of scrap Estimuted sales value of sup Total estimated overhead $35,280 10.360 24520 $441,000 One job that Renaissance Creations completed dying the year was a stained glass window of the Pierce family crest that took 175 hours, and direct labor is invoiced at $20 per hour Total direct material cost for the job was $1,246 Strap that was generated from this job was sold for $130. What was the predetermined overhead rate (set on the basis of direct labor hours) for the year? $7 per DLH b. What was the cost of the Pierce stained glass window? $ 7,196 c. Prepare the journal entry to record the sales value of the scrap from the Pierce stained glass window Cash Account Debit Credit Manufacturing Overhead To record disposal value of spoiled work incurred on job XX stained glass window) d. Assume instead that only certain jobs generate scrap. What was the cost of the Pierce stained glass window? Note: Round your final answer to the nearest whole dollar. $7.16 Check TA