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Q 4 ( 5 Marks ) : Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor - hours. At

Q4(5 Marks): Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $100,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. Harris's actual manufacturing overhead cost for the year was $135.000 and its actual total direct labor was 20,500 hours.
Required: Compute the company's plantwide predetermined overhead rate for the year.
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