zoOM Page Black Company has two departments, Cutting and Finishing. The company uses a job- order cost system and computes a predetermined overhead rate in each department. The cutting department bases its rate on machine hours, and the finishing department bases its rate on direct labor hours. At the beginning of the year, the company made the estimates shown in Table 1. 3. Table 1 Estimates Finishing 24,000 Direct labor hours Machine hours Mfg. overhead cost Direct labor cost Cutting 5,000 4,000 $360,000 $70,000 5,000 $480,000 $250,000 Required: (a) Compute the predetermined overhead rate to be used in each department (b) Assume that the overhead rates computed above are in effect. The job cost sheet for Job 203 shows the following: Finishing 40 12 $3,000 Cutting Direct labor hours Machine hours Materials requisitioned & used in production Direct labor cost 10 $2,500 $1,700 S5,000 Compute the total overhead cost applied to Job 203 and the total manufacturing cost of the job