Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following bala IPhone USB ventory accounts: Materials Inventory Work-in-Process Inventory Finished Goods Inventory $12,960 21,050 8,650 Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Applied overhead Job 114 Job 115 Job 116 $2,391 $2,604 $3,245 1,700 1,620 4,000 1,275 1,215 3,000 During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $28,800. b. Materials requisitioned: Job 114, $16,020; Job 115, $11,890; and Job 116, $4,830. c. Job tickets were collected and summarized: Job 114, 160 hours at $11 per hour; Job 115, 240 hours at $15 per hour; and Job 116, 100 hours at $19 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,670. f. Job 115 was completed and transferred to the finished goods warehouse. g. Job 115 was shipped, and the customer was billed for 125 percent of the cost. Required: 1. Calculate the predetermined overhead rate based on direct labor cost.