Figure 5-1At the beginning of the year, Hogwarts Company estimated the following:

Overhead$593,750

Direct LaborHours95,000

Hogwarts uses normal costing and applies overhead on the basis of direct labor hours.For the month of May, direct labor hours were 8,250.By the end of the year, Hogwarts showed the following actual amounts:

Overhead$588,750

Direct LaborHours93,500

Assume that unadjusted Cost of Goods Sold for Hogwarts was $705,000.

Refer to figure 5-1. Calculate the predetermined overhead rate for Hogwarts. (round to 2 decimals) $6.25 per direct labor hour $6.30 per direct labor hour O $6.20 per direct labor hour O $6.35 per direct labor hourQUESTION 18 Refer to figure 5-1. Calculate the overhead applied to production in May. (Round to 2 decimals) O $52,387.50 O $51,562.50 O $51,150 $51,975QUESTION 19 Refer to figure 5-1. Calculated the applied overhead for the year. $589,050 O $584,375 O $593,725 O $579,700QUESTION 20 Refer to figure 5-1. What was the overhead variance? $9,050 under applied $4,975 over applied O $300 over applied $4,375 under appliedQUESTION 21 Refer to figure 5-1. What is the adjusted cost of goods sold after adjusting for the overhead variance? $700,025 O $704,700 $709,375 O $714,050 O $700,625