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Estimated cost and operating data for Three Divisions for the upcoming year:

Product

FL$10$

ED$28$

OU$5$

Direct Labour Hours

$80,000$

$45,000$

$70,000$

Machine Hours

$20,000$

$130,000$

$21,000$

Direct Material Costs

$$420,000$

$$290,000$

$$320,000$

Manufacturing Overhead Costs

$$548,000$

$$520,000$

$$448,000$

Predetermined overhead rates are computed using the following bases in the three companies:

Company

Overhead Rate Based On

FL$10$

Direct Labour Hours

ED$28$

Machine Hours

OU$5$

Direct Material Costs

Required:

Calculate the predetermined overhead rate to be used in each company during the upcoming year. $(12$ ?marks$)$

Assume that Division FL$10$ ?works on three jobs during the upcoming year. Direct labour$-$hours recorded by job are as follows: Job $1$X$,16,000$ ?hours; Job $2$X$,24,000$ ?hours; Job $3$X$,38,000$ ?hours. How much overhead cost will the company apply to work in process for the year? If actual overhead costs total $$535,000$ ?for the year, will overhead be under$-$ ?or overapplied? By how much? $(12$ ?marks$)$