Solve 4b only

K Grade A prints custom training material for corporations. The business was started January 1, 2020. The company uses a normal-costing system. It has two direct-cost pools, materials and labor, and one indirect-cost pool, overhead. Overhead is charged to printing jobs on the basis of direct labor cost. The following information is available for 2020. (Click the icon to view the following data.) There were two jobs in process on December 31, 2020: Job 11 and Job 12. Costs added to each job as of December 31 are as follows: (Click the icon to view the costs.) Grade A has no finished-goods inventories because all printing jobs are transferred to cost of goods sold when completed. Read the requirements. Requirement 1. Compute the overhead allocation rate. Select the formula and enter the amounts to calculate the overhead allocation rate. (Enter the rate in decimal format to one decimal place, X.X. Do not enter the rate as a percentage.) Budgeted overhead costs Budgeted direct labor costs Overhead allocation rate 270,000 324,000 = = 1.2 Requirement 2. Calculate the balance in ending work in process and cost of goods sold before any adjustments, for under- or overallocated overhead. Begin by calculating ending work in process before any adjustments for under- or overallocated overhead. Job 11 Job 12 Total Cost Direct materials $ 4,360 $ 5,720 $ 10,080 Direct labor 5,300 6,000 11,300 6,360 7,200 13,560 Overhead $ 16,020 $ 18,920 34,940 Ending work in process Before calculating the cost of goods sold, let's determine the total manufacturing costs incurred during the period. Direct materials Direct labor Overhead allocated Total manufacturing costs $ 138,000 257,000 308,400 703,400 Now select the formula and enter the amounts to calculate cost of goods sold before any adjustments for under- or overallocated overhead. (WIP = work in process. Enter a "O" for any zero balances.) Beginning WIP $ 0 + Total manufacturing costs Ending WIP + $ 703,400 $ 34,940 = Cost of goods sold $ 668,460 Requirement 3. Calculate under- or overallocated overhead. Clear all Final check