Frugal Tire manufactures tires for all-terrain vehicles. Frugal uses job costing and has a perpetual inventory system. On September 22, Frugal received an order for 140 TX tires from ATV Corporation at a price of $80 each. The job, assigned number 298, was promised for October 10. After purchasing the materials, Frugal began production on September 30 and incurred the following direct labor and direct materials costs in completing the order: (Click the icon to view the costs.) Frugal allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($529,000) and expected direct labor hours (23,000). Job 298 was completed on October 3 and shipped to ATV on October 5. Requirement 1. Prepare a job cost record for Job 298. Calculate the predetermined overhead rate, then apply manufacturing overhead to the job. Begin by identifying the formula and computing the predetermined overhead rate. Estimated yearly overhead costs Estimated yearly direct labor hours 529000 23000 Predetermined overhead rate 23 per hour Complete the job cost record in order of direct materials, direct labor, and allocated manufacturing overhead. Then prepare the overall cost summary. (List the dates in chronological order. Enter the labor time records in the correct row according to date. If an input field is not used in the table, leave the input field empty; do not enter a zero.) Job Cost Record Job No. 298 Customer Name ATV Corporation Job Description 140 TX tires Date Promised 10-10 Date Started 9-30 Date Completed 10-3