The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $11,625 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,700 and direct labor cost of $2,500. Therefore, the company's overhead application rate is: Multiple Choice 148% of direct labor cost. 217% of direct labor cost. 46% of direct labor cost. 147% of direct labor cost. 68% of direct labor cost. A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory Beginning WIP 119,000 Direct Materials ? Direct Labor ? Applied Overhead ? To Finished Goods Ending WIP 154,800 ? 107,100 Beginning FG Factory Overhead 119,000 Finished Goods Inventory 139,800 384,100 168,000 355,900 Ending FG Multiple Choice $203,800. $98,600. $35,800 $285,500. $384,100. CWN Company uses a job order costing system and last period incurred $85,000 of actual overhead and $100,000 of direct labor. CWN estimates that its overhead next period will be $70,000. It also expects to incur $100,000 of direct labor. If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be: Multiple Choice 70%. 85%. 121%. 118%. 143%. Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $760,000 of overhead during the next period, and expects to use 46,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's overhead application rate? Multiple Choice O 6.05%. O 60.5%. 165%. O 1652% O O 65%. Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $412,000, and direct labor costs to be $2,060,000. Actual overhead costs for the year totaled $389,000, and actual direct labor costs totaled $1,830,000. At year-end, Factory Overhead is: Multiple Choice Overapplied by $23,000. Overapplied by $194,500. Underapplied by $23,000. O Overapplied by $46,000. o Neither overapplied nor underapplied