Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhesd for the year was $330,000, and budgeted direct labor hours were 22,000- The awerage wage rate for direct labor is expected to be $30 per hour. Duning June, Naranjo Company worked on four jobs. Data relating to these four yobs follow: Overhead is assigned as a percentage of direct labor cost. Dung June, Jobs 39 and 40 were completed; Job 39 was sold at 110 percent of cost. (karanjo had onginally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranja decided to hold lob 40 in invontory while the customer worked out its finanoal dafficulbas. Job 40 is the only pob in finished Goods teventioy.) Jobs 41 and 42 remain untinishied at the end of the inorah. Reguired 1. Caicudate tha overthead rate based on direct lahor cast. Wh of direct labior cost 2. Set up a simple job-order cost sheet for all jobs in process during lune. 1. Calculate the overhead rate based on direct labor cost. Te of direct labor cost 2. Set up a simple job order cost sheet for all jobs in process during lune. Naranjo Company Job-Order Cost Sheets 3. What if the expected direct labor rate at the beginning of the year was $24 instead of $30? What would the overhead rate be? If required, round your overhead rate anower to one decirisal place. New budgeted direct labor onst =$ New overhead rate = How would the cost of the jobs be affected