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Townley Inc. has provided the following data for the month of February. There were no beginning inventories consequently, the direct materials (DM), direct labor
Townley Inc. has provided the following data for the month of February. There were no beginning inventories consequently, the direct materials (DM), direct labor (DL), and manufacturing overhead applied (MOH) listed are all for February: WIP CGS $19,200 $ 35,280 FG DM DL $ 7,570 $ 8,810 $24,000 $ 44,100 $ 8,320 $24,700 $15,600 $ 28,000 $58,800 $107,460 MOH Total Manufacturing overhead for the month was overapplied by $6585. The company allocates any under applied or overapplied overhead to Work-in-Process, Finished Goods, and Cost of Goods Sold at the end of the month on the basis of the overhead applied during the month in those accounts. What is the rate Townley should use to adjust the original overhead assignment that resulted in the overapplied overhead? (Round your answer to the nearest $0.001, use positive numbers only).
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