Wheeler's Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of each bike. Estimated costs and expenses for the coming year follow Bike parts Factory machinery depreciation Factory supervisor salaries Factory direct labor Factory supplies Factory property tax Advertising cost Administrative salaries Administrative-related depreciation Total expected costs $349,800 58,000 137,000 218,925 45,400 32,750 21,000 50,000 27,700 $940,575 Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.51 per hour. 2. Determine the amount of applied overhead if 18,200 actual hours are worked in the upcoming year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.51 per hour. (Round D your answer to 2 decimal places.) Predetermined Overhead Rate per DL Hour Ron Required 2 > PA2-1 (Algo) Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement [LO 2-3, 2-4,2-5, 2-6] Lamonda Corp. uses a job order cost system on April 1, the accounts had balances as shown in the T-acr cunts below The following transactions occurred during April (a) Purchased materials on account at a cost of $232,370 (b) Requisitioned materials at a cost of $111100, of which 516,000 was for general factory use. (c) Recorded factory labor of $224.400, of which $43,075 was indirect (d) incurred other costs Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $34,700 23,200 51,150 11,000 19,300 (e) Applied overhead at a rate equal to 137 percent of direct labor cost. Completed jobs costing $261,850. (9) Sold jobs costing $323,370 (h) Recorded sales revenue of $508,000 Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 3-b. If the balance in the Manufacturing Overhead account is closed directly to Cost of Goods Sold will cost of Goods Sold increase or decrease? 4. Prepare Lamonda's cost of goods manufactured report for April (Round your answers to 2 decimal places.) 5. Prepare Lamonda's April income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over on underapplied manufacturing overhead. (Round your answers to 2 decimal places.)