Geo Tire manufactures tires for all-terrain vehicles. Geo uses job costing and has a perpetual inventory system. On November 22, Geo received an order for 170 TX tires from ATV Corporation at a price of $90 each. The job, assigned number 298, was promised for December 10. After purchasing the materials, Geo began production on November 30 and incurred the following direct labor and direct materials costs in completing the order: (Click the icon to view the costs.) Geo allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs (5456,000) and expected direct labor hours (19,000). Job 298 was completed on December 3 and shipped to ATV on December 5. Read the requirements 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 = Predetermined overhead rate 456000 19000 24 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. Complete only necessary answer boxes. If a box is not used in the table leave the box empty; do not enter a zero.) Job Cost Record Job No. 298 Customer Name ATV Corporation 170 TX tires Job Description - X Date Promised 12-10 Date Started 11-30 Data Table Date Completed 12-3 Manufacturing Overhead Allocated Direct Materials Direct Labor Labor Time Date Labor Time Record No. Description Amount Record Requisition Number 11/30 1896 Date 12 hours at $14 Amount Number Amount Date Rate Amount $ 168 $ 540 12/3 1904 30 hours at $18 20XX per Materials Requisition No. Date Amount Description 60 lbs. rubber at $12 11/30 437 direct labor hr. Overall Cost Summary Direct Materials Direct Labor Manufacturing Overhead Allocated $ 720 12/2 439 $ 640 40 meters polyester fabric at $16 100 meters steel cord at $10 12/3 501 S 1,000 Totals Total Job Cost Print Done