Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $420,000, and budgeted direct labor hours were 24,000. The werage wage rate for direct labor expected to be $35 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow Job 39 Job 40 Job 41 Job 42 Beginning balance $26,200 $35,600 516,500 $1,100 Materials requisitioned 17,800 21,600 11,500 15,700 Direct labor cost 8.900 18,700 6,150 Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 115 percent of cost (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties Job 40 is the only job in Finished Goods Inventory) Jobs 41 and 42 remain unfinished at the end of the month Required: 1. Calculate the overhead rate based on direct labor cost of direct labor cost 2. Set up a simple job-order cost sheet for all Jobs in process during June Naranjo Company Job-Order Cost Sheets Job 39 Job 40 Job 41 Job 42 Balance June 1 Total 3. What if the expected direct labor rate at the beginning of the year was $20 instead of $37 What would the overhead rote be? If required, round your overheat rate answer to one decat place. New budgeted direct labor cost New overhead rate of direct labor cost How would the cost of the jobs be affected