Chapter 3 Homework: Taylor Manufacturing Company Student Name: Sarah vied H Student Name: Sarah iedtkeClass Time: Sechon a During 2016 Taylor Manufacturing expected to incur overhead costs of $174,000, direct material costs of $348,000, and direct labor costs of $300,000. Actual production required an overhead cost of $157,000, $325,000 in direct materials used, and $307,020 in direct labor. All raw materials entered into production during 2016 were direct materials and all of the goods were completed during the period. The following information was available for the year ended December 2016. Raw materials inventory Work in process inventory Finished goods inventory Beginning of Year $30,000 $15,000 $20,000 End of Year $25,000 $22,000 28,000 Item Amount Estimated Overhead$174,000 $157,000 $348,000 $325,000 $320,000 Actual Overhead Estimated Direct Materials Actual Direct Materials Purchases of Raw Materials Estimated Direct Labor Hours Actual Direct Labor Hours Direct Labor Rate Estimated Machine Hours Actual Machine Hours Estimated Direct Labor Cost Actual Direct Labor Cost 15,000 hours 14,620 hours 521.00 per hour 20,000 hours 22,000 hours $300,000 307,020 REQUIRED: Answer these seven questions. What is the companywide predetermined overhead rate (POHR) if Direct Labor Cost is selected as the basis for application? 1. 2. Assume the company's predetermined overhead rate (POHR) is $0.20 per Direct Labor Dollar (instead of ove your answer for #1), what is the amount o overhead is $150,000 (instead of your answer 3. Assume the company's amount of applied manofacturning for #2), what is the company's Cost of Goods Manufactured? Assume the company's cost of goods manufactured is $5800,000 instead of your answer for 84), What is the company's unadjusted Cost of Goods Sold? What is the companywide predetermined overhead rate (POHR) if Machine Hours is selected as the basis for application? 5