Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $715,000 of overhead costs and $550,000 of direct labor cost for the year. During March, Shire began and completed Job 13-56 1. What is the predetermined overhead rate for the year? 2. Use the information on the following job cost sheet to determine the total cost of the job. Required 1 Required 2 Using the information on the following job cost sheet, determine the total cost of the job. (Round your answers to the nearest dollar amount.) JOB COST SHEET Customer's Name: Keiser Co. Job Description: 5 plasma monitors-61 inch Direct Materials Direct Labor Job No: 13-56 Total Cost Date Requisition No. Amount Overhead Costs Applied Time-Ticket No. Amount Mar. 8 $ $ Mar. 11 4-129 4-142 4-167 6,000 T-306 7.150 T-432 3,400 T-456 700 1,330 1,320 Mar. 18 Required 1 Required 2 What is the predetermined overhead rate for the year? Choose Numerator: 1 7 Overhead Rate Choose Denominator: Estimated labor cost 550,000 = Estimated overhead cost 715,000 Overhead Rate Overhead rate 130% 1