Grade A prints custom training material for corporations. The business was started January 1, 2020. The company uses a normal-costing system. It has two direct-cost pools, materials and labor, and one indirect-cost pool, overhead There were two jobs in process on December 31, 2020: Job 11 and Job 12. Costs added to each job as of Overhead is charged to printing jobs on the basis of direct labor cost. The following information is available for 2020. December 31 are as follows (Click the icon to view the following data.) . .. (Click the icon to view the costs.) Grade A has no finished-goods inventories because all printing jobs are transferred to cost of goods sold when completed Read the requirements. Requirement 1. Compute the overhead allocation rate. Select the formula and enter the amounts to calculate the overhead allocation rate. (Enter the rate in decimal format to one decimal place, X.X. Do not enter the rate as a percentage.) Budgeted overhead costs Budgeted direct labor costs Overhead allocation rate $ 324,000 270,000 12 Requirement 2. Calculate the balance in ending work in process and cost of goods sold before any adjustments for under- or overallocated overhead. Begin by calculating ending work in process before any adjustments for under- or overallocated overhead. Job 11 Job 12 Total Cost Direct materials $ 4,360 $ 5,720 $ 10,080 Direct labor 5,300 6,000 11,300 - X Data table Overhead 6.360 7,200 13,560 $ 16,020 $ 18,920 Ending work in process 34,940 Budgeted direct labor costs S 270,000 Before calculating the cost of goods sold, let's determine the total manufacturing costs incurred during the period. Budgeted overhead costs $ 324,000 Direct materials Costs of actual material used $ 138,000 Direct labor - X Actual direct labor costs $ 257,000 Data table $ 310,800 Overhead allocated Actual overhead costs Total manufacturing costs Direct Materials Direct Labor Job 11 $ 4,360 5,300 Print Done Job 12 $ 5,720 6,000 Print Done Clear all Final check Get more help