Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 31,000 direct labor-hours would be required for the period’s estimated level of production. The company also estimated $531,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. Harris’s actual manufacturing overhead cost for the year was $652,965 and its actual total direct labor was 31,500 hours. Required: Compute the company’s plantwide predetermined overhead rate for the year. (Round your answer to 2 decimal places.)
Predetermined Overhead rate = Estimated overhead/Estimated direct labor hours
= (531,000/31,000) + 2
= (17.13) + 2
= 19.13 per labor hour
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