Overhead Rates, Unit Costs Folsom Company manufactures specialty tools to customer order. There are three producing departments. Departmental information on budgeted overhead and various activity measures for the coming year is as follows: Welding Assembly Finishing Estimated overhead $220,000 $62,000 $150,000 Direct labor hours 4,500 10,000 6,000 Direct labor cost $90,000 $150,000 $120,000 Machine hours 5,000 1,000 2,000 Currently, overhead is applied on the basis of machine hours using a plantwide rate. However, Janine, the controller, has been wondering whether it might be worthwhile to use departmental overhead rates. She has analyzed the overhead costs and drivers for the various departments and decided that lbase its overhead Welding and Finishing should base their overhead rates on machine hours and that Assembly should d rate on direct labor hours. Janine has been asked to prepare bids for two jobs with the following information: Job 1 Job 2 $6,725 $9,340 Direct materials $3,100 Direct labor cost $1,800 Direct labor hours: Welding 20 10 20 60 Assembly Direct materials $6,725 $9,340 Direct labor cost $1,800 $3,100 Direct labor hours: Welding 20 10 Assembly 60 20 Finishing 20 70 Number of machine hours: Welding 50 50 Assembly 60 25 Finishing 90 125 The typical bid price includes a 35% markup over full manufacturing cost. Required: 1. Calculate a plantwide rate for Folsom Company based on machine hours. per machine hour What is the bid price of each job using this rate? If required, round your wers to the nearest dollar. answe Bid price Job 1 Job 2 2. Calculate departmental overhead rates for the producing departments. If required, carry your answers out to the nearest cent. Welding overhead rate per machine hour per direct labor hour Assembly overhead rate per machine hour Finishing overhead rate What is the bid price of each job using these rates? If required, round your answers to the nearest dollar. Bid price Job 1 Job 2