Thermal Rising Assume that Thermal Rising has no beginning or ending work-in-process. In other words, new jobs are started at the beginning of the month and completed by the end of the month. Each job results in a unique paraglider. The budget data below is for the month of October. Budgeted Data for October Competitive Level Novice Level 120 50 $3,100 Production Department Budgeted Data per unit Budgeted Production (units) Selling Price Direct Matenals (nylon fabric, polyethylene lines, metal hooks, straps, etc.) Direct Labor hours per glider Direct Labor rate per hour $1,500 12 $5,800 $2.500 20 $25 $40 Variable & Fixed Manufacturing Overhead $84.000 $45.000 Service Departments Adminstration Acccounting Technology Services Service Dept. Costs $50,000 $30,000 $70,000 $150,000 The total budgeted overhead to be used in developing allocation rates is the sum of variable and fixed manufacturing overhead (budgeted for each product line) plus budgeted service department costs. 1. Compute the total budgeted overhead to be used in developing allocation rates. Round each computed rate to FOUR decimal places. 2. Compute the predetermined rate (the budgeted rate) used to allocate overhead to jobs produced, based on total direct material costs, assuming Thermal Rising uses a single rate (plant wide rate). 3. Compute the predetermined rate (the budgeted rate) used to allocate overhead to jobs produced, based on total direct labor costs, assuming Thermal Rising uses a single rate (plant wide rate)