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Job Costs Using a Pantwide Overticad Rate: Perrin Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $507,500, and budgeted direct labor hours were 29,000 . The average. wage rate for direct labor is expected to be $35 per hour, Dunng June, Perrin Company worked on four jobs. Data relating to these four jobs follow: Overhead is asvgned as a percentage of direct labor cost. During june, yobs 39 and a0 were completed; 306 a9 was sold at 120 percent of cost. 106 ab is the shly in Finished Goods inventery and will remain theie unti the evstomer accepts delivery and pays. 30bs41 and 42 remain unfinished at the end of the manth. 1. Calculate the overhead rate based on direct labor cost. % of direct labor cost Feedback Check My Work 2. Set up a simple job-order cost sheet for all jobs in process during June. 3. What if the expected direct labot rate at the beginning of the year was $28 instead of $35 ? What would the overtiead rate be? if required, round your overhead rate answer to one decinal place. New budgeted direct labor cost ={ New overhead rate = -is of direct labor cost How would the cost of the jobs be affected? Applied overhead would