For the most recent period, Sheffield Company recorded sales of $40000 and reported a gross margin of $35000. What is Sheffield Company's Cost of Goods Sold? $40000$35000$75000$5000 Metlock Corporation applies manufacturing overhead based on direct labor hours. Metlock estimates its budgeted manufacturing overhead cost for the coming year to be $440000 and its budgeted direct labor hours to be 100000 hours. What is Metlock's budgeted overhead rate? $230 per direct labor hour $0.23 per direct labor hour $4.40 per direct labor hour $23 per direct labor hour Current Attempt in Progress Some companies choose to have more detailed Manufacturing Overhead (MOH) allocations and then calculate a MOH rate for each of their departments. What is the correct formula to calculate a departmental rate? Total MOH costs in a department's cost pool Total quantity of department's cost driver Total MOH costs in a department's cost pool/Total quantity of department's cost driver Total quantity of department's cost driver + Total MOH costs in a department's cost pool Total quantity of department's cost driver/Total MOH costs in a department's cost pool