Don't tell me we've lost another bid!" exclaimed Janice Hudson, president of Prime Products Inc. "I'm afraid so," repl he operations vice president. "One of our competitors underbid us by about $10,000 on the Hastings job." "I just can aid Hudson. "It seems we're either too high to get the job or too low to make any money on half the jobs we bid. Wh Prime Products manufactures specialized goods to customers' specifications and operates a job-order costing system overhead cost is applied to jobs on the basis of direct labour cost. The following estimates were made at the beginnin, Department Direct labour Manufacturing overhead Cutting $ 304,500 $548,100 Machining $ 203,200 $ 812,600 Assembly $ 406,089 $ 101,500 Total Plant $ 913,500 $1,461,600 Jobs require varying amounts of work in the three departments. The Hastings job, for example, would have required mar costs in the three departments as follows: Department Machining Assembly $ 1,200 $ 6,200 $ 2,300 $14,800 Cutting $ 14,400 $ 8,000 Direct material Direct labour Manufacturing overhead Total Plant $ 21,800 $ 25,100 The company uses a plantwide overhead rate to apply manufacturing overhead cost to jobs. Required: 1. Assuming the use of a plantwide overhead rate: a. Compute the rate for the current year.