K Part 2 of 4 Points: 0.63 of 1 Save The Lori Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labour) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labour costs). The yearly budget for the plant is as follows: (Click the icon to view the budgeted data.) Required } G } } C Assembly Department Manuf. Overhead D Cost Allocation Base E Machine-Hours F Direct Manufacturing Labour Cost G Cost Object Product H Indirect Costs Direct Costs Direct Costs K Direct Materials L Direct Manufacturing Labour Enter the budgeted manufacturing overhead rate for each department. (Enter the percentage result as a whole percentage. Abbreviations used manuf. manufacturing, OM direct manufacturing Budgeted manufacturing overhead rate Machining Assembly. Clear all Check answer ses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly dep aterials and direct manufacturing labour) and two manufacturing overhead cost pools (the machining department overh ment overhead, allocated to jobs based on actual direct manufacturing labour costs). The yearly budget for the plant is o view the budgeted data.) Budgeted data Machining Department Assembly Department Manufacturing overhead 1,800,000 $ 4,000,000 Direct manufacturing labour costs 1,400,000 $ 2,000,000 Direct manufacturing labour-hours 100,000 240,000 Machine-hours 50,000 240,000 Print Done - geted manufacturing overhead rate for each department. (Enter the percentage result as a whole percentage. Abbreviations used Budgeted manufacturing overhead rate Required 1. Identify tire components of the overview diagram of Lori's job-costing system. Compute the budgeted manufacturing overhead rate for each department. 2. During February, the job-cost record for Job 494 contained the following: Machining Department Assembly Department D Direct material used $ 44,000 $ 76,000 Direct manufacturing labour costs $ 12,000 $ 20,000 Direct manufacturing labour-hours 1,000 1,600 Machine-hours 2,200 1,300 E M Assembly Compute the total manufacturing overhead costs allocated to Job 494. 3. At the end of the year, the actual manufacturing overhead costs were $2,000,000 in machining and $5,300,000 in assembly. Assume that 54,000 actual machine-hours were used in machining and that actual direct manufacturing labour costs in assembly were. $2,100,000. Compute the over- or underallocated manufacturing overhead for each department. Print Done