Exercise 15-11 Overhead rate; costs assigned to jobs LO P3 Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $720,000 of overhead costs and $600,000 of direct labor cost for the year. During March, Shire began and completed Job 13-56. 1. What is the predetermined overhead rate for the year? 2. Use the information on the following job cost sheet to determine the total cost of the job. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the predetermined overhead rate for the year? = Choose Numerator: Estimated overhead cost $ 720,000 Overhead Rate Choose Denominator: I Estimated labor cost 1 $ 600,000 = Overhead Rate Overhead rate 120% Exercise 15-11 Overhead rate; costs assigned to jobs LO P3 Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $720,000 of overhead costs and $600,000 of direct labor cost for the year. During March, Shire began and completed Job 13-56. 1. What is the predetermined overhead rate for the year? 2. Use the information on the following job cost sheet to determine the total cost of the job. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using the information on the following job cost sheet, determine the total cost of the job. (Round your answers to the nearest dollar amount.) Job No: 13-56 JOB COST SHEET Customer's Name: Keiser Co. Job Description: 5 plasma monitors61 inch Direct Materials Direct Labor Overhead Total Cost Date Requisition No. Amount Time-Ticket No. Amount Costs Applied Mar. 8 4-129 $ $ 650 Mar. 11 4-142 2,000 T-306 7,150 T-432 3,900 T-456 13,050 1,260 1,340 Mar. 18 4-167 $ $ 3,250 $ 3,900 $ 30,000