Tech Solutions is a consulting firm that uses a job$-$order costing system. Its direct materials consist of hardware and software that itome statement.

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equired $2$

ule of cost of goods manufactured. Assume all raw materials used in production

Mason Company

Schedule of Cost of Goods Manufactured

$\backslash$table$[[,,,],[$aterials inventory,$$8,400,,],[$f raw materials,$136,000,,],[$s available,$144,400,,],[$materials inventory,$10,200,,],[$d in production,,$$134,200,],[,,84,000,],[$ead$,,230,000,],[$costs added to production,,,$],[$costs to account for,,,$448,200]]$The following data from the just completed year are taken from the accounting records of Mason Company:

Sales

Direct labor cost

Raw material purchases

Selling expenses

Administrative expenses

Manufacturing overhead applied to work in process

Actual manufacturing overhead costs

$$656,000$

$$84,000$

$$136,000$

$$106,000$

$$46,000$

$$230,000$

$$203,000$

Required:

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of

Goods Sold.

Prepare an income statement.

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Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

purchases and installs on behalf of its clients. The firm's direct labor includes salaries of consultants that work at the client's job site,

and its overhead consists of costs such as depreciation, utilities, and insurance related to the office headquarters as well as the office

supplies that are consumed serving clients.

Tech Solutions computes its predetermined overhead rate annually on the basis of direct labor$-$hours. At the beginning of the year, it

estimated that $62,500$ direct labor$-$hours would be required for the period's estimated level of client service. The company also

estimated $$437,500$ of fixed overhead cost for the coming period and variable overhead of $$0\mathrm{.}50$ per direct labor$-$hour. The firm's

actual overhead cost for the year was $$458,000$ and its actual total direct labor was $67,150$ hours.

Required:

Compute the predetermined overhead rate.

During the year, Tech Solutions started and completed the Xavier Company engagement. The following information was available

with respect to this job:

Compute the total job cost for the Xavier Company engagement.

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Compute the predetermined overhead rate. $($Round your answer to $2$ decimal places.$)$