! Required information [The following information applies to the questions displayed below.] Burlington Clock Works manufactures fine, handcrafted clocks. The firm uses a job-order costing system, and manufacturing overhead is applied on the basis of direct-labor hours. Estimated manufacturing overhead for the year is $240,000. The firm employs 10 master clockmakers, who constitute the direct-labor force. Each of these employees is expected to work 2,000 hours during the year, which represents each employee's practical capacity. The following events occurred during October. a. The firm purchased 4,000 board feet of mahogany veneer at $10 per board foot. b. Twenty brass counterweights were requisitioned for production. Each weight cost $25. c. Five gallons of glue were requisitioned for production. The glue cost $20 per gallon. Glue is treated as an indirect material. d. Depreciation on the clockworks building for October was $7,000. e. A $400 utility bill was paid in cash. f. Time cards showed the following usage of labor: Job number G60: 12 grandfather's clocks, 1,000 hours of direct labor Job number C81: 20 cuckoo clocks, 700 hours of direct labor The master clockmakers (direct-labor personnel) earn $22 per hour. g. The October property tax bill for $900 was received but has not yet been paid in cash. h. The firm employs laborers who perform various tasks such as material handling and shop cleanup. Their wages for October amounte to $2,400. i. Job number G60, which was started in July, was finished in October. The total cost of the job was $14,400. j. Nine of the grandfather's clocks from job number G60 were sold in October for $1,400 each. Required: 1. Calculate the firm's predetermined overhead rate for the year. Predetermined overhead rate per DLH ! Required information (The following information applies to the questions displayed below.) Stellar Sound, Inc., which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100) and job no. 65 ($53,500). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $792,000, and 16,000 hours, respectively. b. The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were as follows: Direct Material $21,000 Job No. 64 65 66 67 Direct Labor $35,000 22,000 65,000 8,800 Machine Hours 1,200 700 2,000 500 44,000 15,000 c. Manufacturing overhead during the first quarter included charges for depreciation ($32,000), indirect labor ($60,100), indirect materials used ($5,100), and other factory costs ($139,600). d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,900 for the firm, Required: 1. Determine the company's predetermined overhead application rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per machine hour