Lakeland Industries uses job costing to calculate the costs of its jobs with direct labor cost as its manufacturing overhead allocation base. (Click the icon to view additional information.) Read the requirements. Requirement 1. What Lakeland's predetermined manufacturing overhead rate based on direct labor (DL) cost? Determine the formula to calculate Lakeland's predetermined overhead rate based on direct labor costs, then calculate the rate. Estimated yearly overhead costs Estimated yearly direct labor cost = Predetermined overhead rate % of DL cost More Info Requirements The company manufactures a variety of engines for use in farm equipment. At the beginning of the current year, Lakeland estimated that its overhead for the coming year would be $356,400. It also anticipated using 27,000 direct labor hours for the year. Lakeland pays its employees an average of $24 per direct labor hour. Lakeland just finished Job 371, which consisted of two engines for a farm equipment manufacturer. The costs and hours for this job consisted of $15,000 in direct materials used and 140 direct labor hours. 1. What is Lakeland's predetermined manufacturing overhead rate based on direct labor cost? 2. Calculate the manufacturing overhead to be allocated based on direct labor cost to Job 371. 3. What is the total cost of Job 371? Print Done Print Done Enter any number in the edit fields and then click Check