Response to the following questions:
1. How does the materials requisition help safeguard a company's assets?
2. Palm uses a "time ticket" for some employees. What is the difference between a clock card and a time ticket?
3. A company incurred the following manufacturing costs this period: direct labor, $605,000; direct materials, $672,000; and factory overhead, $129,500. Compute its overhead cost as a percent of (1) direct labor and (2) direct materials. Express your answers as percents, rounded to one decimal place.