Dustin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dustin allocates manufacturing overhead costs using direct manufacturing labor costs. Dustin provides Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2020. (Enter your answer as a number [not as a percentage] rounded to two decimal places, X.XX.) Actual manufacturing overhead rate Budgeted manufacturing overhead rate Requirement 2. During March, the job-cost record for Job 626 contained the following information: Direct materials used $50,000 Direct manufacturing labor costs $40,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing. Actual Normal Costing Costing Direct materials Direct manufacturing labor costs Manufacturing overhead costs Total manufacturing costs of Job 626 Requirement 3. At the end of 2020, compute the under- or overallocated manufacturing overhead under normal costing. Why is there no under- or overallocated overhead under actual costing? Under normal costing, manufacturing overhead is by Why is there no under- or overallocated overhead under actual costing? There is no under- or overallocated overhead under actual costing because overhead is allocated under actual costing by multiplying manufacturing labor costs and the manufacturing overhead rate. Requirement 4. Why might managers at Dustin Products prefer to use normal costing? (Choose all that apply.) A. Normal costing provides managers with information earlier-while there is still time to take corrective actions, such as improving the company's labor efficiency or reducing the company's overhead costs.Dustin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dustin allocates manufacturing overhead costs using direct manufacturing labor costs. Dustin provides Compute the cost of Job 626 using (a) actual costing and (b) normal costing. Actual Normal Costing Costing Direct materials Direct manufacturing labor costs Manufacturing overhead costs Total manufacturing costs of Job 626 Requirement 3. At the end of 2020, compute the under- or overallocated manufacturing overhead under normal costing. Why is there no under- or overallocated overhead under actual costing? Under normal costing, manufacturing overhead is by Why is there no under- or overallocated overhead under actual costing? There is no under- or overallocated overhead under actual costing because overhead is allocated under actual costing by multiplying manufacturing labor costs and the manufacturing overhead rate. Requirement 4. Why might managers at Dustin Products prefer to use normal costing? (Choose all that apply.) A. Normal costing provides managers with information earlier-while there is still time to take corrective actions, such as improving the company's labor efficiency or reducing the company's overhead costs. B. Manufacturing costs of a job are available much earlier in a normal costing system. Consequently, Dustin's manufacturing and sales managers can evaluate the profitability of different jobs, the efficiency with which the jobs are done, and the pricing of different jobs as soon as they are completed, while the experience is still fresh in everyone's mind. C. Normal costing provides managers with information at the end of a fiscal year when they know actual manufacturing overhead costs. This approach is preferable to managers to improve the company's spending efficiency and increase overall profits. D. Normal costing enables Dustin Products to use the budgeted manufacturing overhead rate determined at the beginning of the year to estimate the cost of a job as soon as the job is completed. Managers want to know job costs for ongoing uses, including pricing jobs, monitoring and managing costs, evaluating the success of the job, learning about what did and did not work, bidding on new jobs, and preparing interim financial statements. E. Normal costing allows managers to allocate overhead costs at the end of the accounting year. This allows Dustin Products to use the normal costs incurred to provide an accurate costing method so that adjustments will not need to be made at the end of the accounting year.Dustin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dustin allocates manufacturing overhead costs using direct manufacturing labor costs. Dustin provides the following information: (Click the icon to view the information.) Read the requirements. X Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2020. (Enter your answer as a number [not as a percentage] rounded to two Requirements Actual manufacturing overhead rate Budgeted manufacturing overhead rate = 1. Compute the actual and budgeted manufacturing overhead rates for 2020. 2. During March, the job-cost record for Job 626 contained the following information: Requirement 2. During March, the job-cost record for Job 626 contained the following information: Direct materials used $50,000 Direct materials used $50,000 Direct manufacturing labor costs $40,000 Direct manufacturing labor costs $40,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing. Compute the cost of Job 626 using (a) actual costing and (b) normal costing. 3. At the end of 2020, compute the under- or overallocated manufacturing overhead under normal costing. Why is there no under- or overallocated overhead under actual Actual Normal costing? 4. Why might managers at Dustin Products prefer to use normal costing? Costing Costing Direct materials Direct manufacturing labor costs Print Done Manufacturing overhead costs Total manufacturing costs of Job 626 Requirement 3. At the end of 2020, compute the under- or overallocated manufacturing overhead under normal costing. Why is there no under- or overallocated overhead under actual costing? Under normal costing, manufacturing overhead is by Why is there no under- or overallocated overhead under actual costing?Dustin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dustin allocates manufacturing overhead costs using direct manufacturing labor costs. Dustin provides the following information: Eff (Click the icon to view the information.) Read the requirements. Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2020. (Enter your answer as a number [not as a percentage] rounded to two decimal places, X.XX.) Actual manufacturing overhead rate - X Budgeted manufacturing overhead rate Data table Requirement 2. During March, the job-cost record for Job 626 contained the following information: Direct materials used $50,000 Budget for 2020 Actual Results for 2020 Direct manufacturing labor costs $40,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing. Direct material costs $ 2, 100,000 $ 1,950,000 Direct manufacturing labor costs 1,650,000 1,600,000 Actual Normal 3,040,000 Costing Manufacturing overhead costs 2,805,000 Costing Direct materials Direct manufacturing labor costs Manufacturing overhead costs Print Done Total manufacturing costs of Job 626 Requirement 3. At the end of 2020, compute the under- or overallocated manufacturing overhead under normal costing. Why is there no under- or overallocated overhead under actual costing? Under normal costing, manufacturing overhead is by Why is there no under- or overallocated overhead under actual costing