Required information Problem 2-1A (Algo) Computing job costs and overhead rate; assigning costs to inventory LO C1, P3 [The following information applies to the questions displayed below] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs At June 30 Direct materials Direct labor Job 5 $ 19,000 12,000 6,000 Job 61 $ 35,000 Job 7 $ 29,000 18,200 9,100 25,000 12,500 Overhead applied Additional Information. a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $8,000, direct labor, $3,800; and applied overhead, $2,900. Job 5 was finished in June b. Job 6 and Job 7 were started in June: Job 6 was finished in June and Job 7 is to be completed in July c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months, Problem 2-1A (Algo) Part 3 3. What is the predetermined overhead rate? Predetermined overhead rate % 2