Job-Order Costing Variables
On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job totalled $560. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,921.
Required:
1. What was overhead applied to the job during July?
$_______
2. What were direct materials for Job 46 for July? Direct labor?
Direct labor $_____
Direct materials $_____
3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? (Note: Round your answer to the nearest whole percent.)
____%