Concord Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,400, direct labor $ 14,040, and manufacturing overhead $ 18,720. As of January 1, Job 49 had been completed at a cost of $ 105,300 and was part of finished goods inventory. There was a $ 17,550 balance in the Raw Materials Inventory account. During the month of January, Concord Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold during the month. The following additional events occurred during the month. 1. Purchased additional raw materials of $ 105,300 on account. 2. Incurred factory labor costs of $ 81,900. 3. Incurred manufacturing overhead costs as follows: indirect materials $ 19,890; indirect labor $23,400; depreciation expense on equipment $ 14,040; and various other manufacturing overhead costs on account $ 18,720. 4. Assigned direct materials and direct labor to jobs as follows. Job No. Direct Materials Direct Labor $ 11,700 $ 5,850 45,630 29,250 35,100 23,400 Job No. Direct Materials Direct Labor $ 11,700 $ 5,850 45,630 29,250 35,100 23,400 Your answer is correct. Calculate the predetermined overhead rate for 2020, assuming Concord Company estimates total manufacturing overhead costs of $ 982,800, direct labor costs of $ 819,000, and direct labor hours of 23,400 for the year. (Round answer to the nearest whole percent, e.g. 25%.) Predetermined overhead rate 120 % eTextbook and Media Attempts: 1 of 4 used Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job 50. Job No. 50 Date Direct Materials Direct Labor Manufacturing Overhead Beg. 23400 Jan. 11700 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. Job No. 51 Date Direct Materials Direct Labor Manufacturing Overhead Jan. Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Job No. 52 Date Direct Materials Direct Labor Manufacturing Overhead Jan. $ e Textbook and Media