Classic Technology allocates manufacturing overhead to jobs based on the relation between estimated overhead of $495,000 and estimated direct labor costs of $450,000. Job 423 was completed and shipped on June 3. Classic Technology Co. manufactures DVDs for computer software and entertainment companies. Classic uses job order costing. On June 2, Classic began production of 5,500 DVDs, Job 423, for Panorama Pictures for $1.70 sales price per DVD. Classic promised to deliver the DVDs to Panorama Pictures by June 5. Classic incurred the following direct costs: (Click the icon to view the costs.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Prepare a job cost record for Job 423. Calculate the predetermined overhead allocation rate (round to two decimal places); then allocate manufacturing overhead to the job. Begin by determining the total amount of direct materials and direct labor incurred on the job. Next, calculate the predetermined overhead allocation rate and apply manufacturing overhead to the job. Lastly, compute the total cost of Job 423 and the cost per DVD. Job Cost Record Job No. 423 Customer Name Panorama Job Description 5,500 DVDs Classic Technology Co. manufactures DVDs for computer software and entertainment companies. Classic uses job order costing. On June 2, Classic began production of 5,500 DVDs, Job 423, for Panorama Pictures for $1.70 sales price per DVD. Classic promised to deliver the DVDs to Panorama Pictures by June 5. Classic incurred the following direct costs: (Click the icon to view the costs.) (Click the icon to view additional information.) Read the requirements. Direct materials Direct labor Manufacturing overhead allocated Labor Time Requisition Record Date Number Amount Number Amount Date Rate Amount 6-3 of direct 6-2 63 $ 372 655 $ 180 labor cost 6-2 64 675 Overall Cost Summary 6-3 74 126 656 300 Direct materials Direct labor Manufacturing overhead Allocated Total Job Cost Totals 1,173 480 Cost per DVD Choose from any list or enter any number in the input fields and then click Check Answer. i Data Table Date Labor Time Record No. Description Amount 6/02 655 $ 180 10 hours @ $18 per hour 20 hours @ $15 per hour 6/03 656 300 Materials Requisition Date No. Description Amount 6/02 63 $ 372 6/02 64 31 lbs. polycarbonate plastic @ $12 per Ib. 25 lbs. acrylic plastic @ $27 per lb. 3 lbs. refined aluminum @ $42 per lb. 675 6/03 74 126 Print Done