ork Question 7, E3-23A (similar to) HW Score: 78.56%, 7.07 of 9 points Part 2 of 4 Points: 0.12 of 1 Save Riker Industries uses job costing to calculate the costs of its jobs with direct labor cost as its manufacturing overhead allocation base. i (Click the icon to view additional information.) Read the requirements. Requirement 1. What is Riker's predetermined manufacturing overhead rate based on direct labor (DL) cost? Determine the formula to calculate Riker'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 460,800 15000 30 % of DL costQuestion 7, E3-23A (similar to) ) HW Score: 78.56%, 7.07 of 9 points Part 2 of 4 @ Points: 0.12 of 1 Riker Industries uses job cosng to calculate the costs of its jobs with direct labor cost as its manufacturing overhead allocation base" 0 (Click the icon to view additionail informationijy Read the muiremeniem Requirements J 1" What is Riker's predetermined manufacturing overhead rate based on direct 1 ' iabor cost? [ ' 2w Calculate the manufacturing overhead to be ailocated based on direct labor ' . cost to Job 371.. I l 3. What is the total cost of Job 371? i ork Question 7, E3-23A (similar to) HW Score: 78.56%, 7.07 of 9 points Part 2 of 4 Points: 0.12 of 1 Riker Industries uses job costing to calculate the costs of its jobs with direct labor cost as its manufacturing overhead allocation base. i (Click the icon to view additional information.) Read the requirements. Requirement 1. What i Determine the formula X More info Estimated yearly ov 460,80 The company manufactures a variety of engines for use in farm equipment. At the beginning of the current year, Riker estimated that its overhead for the coming year would be $460,800. It also anticipated using 24,000 direct labor hours for the year. Riker pays its employees an average of $30 per direct labor hour. Riker 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 130 direct labor hours. Print Done