Problem In December 2016, Shire Computer's management establishes the 2017 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $747,500 of overhead costs and $575,000 of direct labor cost in year 2017. During March 2017, Shire began and completed Job 13-56 1. What is the predetermined overhead rate for 2017? 2. Use the information on the following job cost sheet to determine the total cost of the jotb JOB COST SHEET Keiser Co. Job No. 1 13-56 Customer's Name Job Description 5 plasma monitors61 inch Overhead Costs Applied Rate Amount Direct Materials Diroct Labor Amount Time-Ticket No. Amount Date Mar. 8 Mar. 11 Mar. 18 Totals 4-129 4-142 4-167 $5,000 ,020 3.330 T-306 T432 T.456 $ 700 1.250 1.250