Riker Industries uses job costing to calculate the costs of its jobs with direct labor cost as its manufacturing overhead allocation base. (Click the icon to view additional information.) Read the requirements CE Requirement 1. What is Riker's predetermined manufacturing overhead rate based on direct labor (DL) cost? Determine the formula to calculate Riker's predetermined overhead rate based on direct labor costs, then calculate the rate. Predetermined overhead rate + % of DL cost Requirement 2. Calculate the manufacturing overhead to be allocated based on direct labor cost to Job 371. Determine the formula to calculate the overhead to be allocated based on direct labor to Job 371, then calculate the manufacturing overhead allocated. (Round your answer to the nearest whole dollar.) Manufacturing = overhead allocated % = Requirement 3. What is the total cost of Job 371? Job 371 Total job cost Requirements 1. 2. What is Riker's predetermined manufacturing overhead rate based on direct labor cost? Calculate the manufacturing overhead to be allocated based on direct labor cost to Job 371. What is the total cost of Job 371? 3. Print Done More info The company manufactures a variety of engines for use in farm equipment. At the beginning of the current year, Riker estimated that its overhead for the coming year would be $460,800. It also anticipated using 24,000 direct labor hours for the year. Riker pays its employees an average of $30 per direct labor hour. Riker just finished Job 371, which consisted of two engines for a farm equipment manufacturer. The costs and hours for this job consisted of $16,500 in direct materials used and 130 direct labor hours. Print Done