EXERCISE 32 Applying Overhead in a Service Firm [LO3 - CC5] Halifix Achisctural Consultants (HAC) began opirations on Jantary 2. The folloning activity was reconded in the compary's workint process accoust for the first month of operaton: H/C is a service firm: thas, the names of is actoonts differ from those used in manufacturing firms Costs of subcoatracted work are basically the same as direct materials, direct staff costs are the same as direct labour, studio overhead is the same as manufacturing overhesd, and completed propects are the same as finished goods. Apart from the difference in terms, the aceounting methods used by the company are isevtical to the methods wsed by manalacturing companies. HAC uses a job-ordet costing system, applying studio overhead to work in peocess en the basis of ditect staff costs At the end of January: only ane job (Labrador Gandens Project) was ctill in process: it was charged with 54,000 in direct staff costs Required: 1. Compute the predetermined everhead rate that was in vie during Jiauary. 2. Complete the folbwing job cost sheet for the partially compieted Labrador Gardens Project