Problem 2-20 (Static) Job-Order Costing for a Service Company [L02-1, L02-2, L02-3] Speedy Auto Repairs uses joborder costing. Its direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists ofthe mechanics' hourly wages. Speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. The company applies all of its overhead costs tojobs based on direct labor-hours. At the beginning of the year, it made the following estimates: Direct laborhours required to support estimated output 20,000 Fixed overhead cost $ 350,000 Variable overhead cost per direct laborhour $ 1.00 Required: 1. Compute the predetermined overhead rate. 2, During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information pertains to hisjob: Direct materials $ 590 Direct labor cost $ 109 Direct laborhours used 6 Compute Mr. Wilkes' total job cost. 3, If Speedy establishes selling prices using a markup percentage of 40% of its totaljob cost, then how much would it have charged Mr. Wilkes? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places. Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute Mr. Wilkes' total job cost. Note: Round your intermediate calculations to 2 decimal places. Direct materials Direct labor Overhead applied Total cost assigned to Mr. Wilkes Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 If Speedy establishes selling prices using a markup percentage of 40% of its total job cost, then how much would it have charged Mr. Wilkes? Note: Round your intermediate calculations to 2 decimal places.