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Question 1) The company applies overhead at a rate of 120% of direct labor cost. The...

Question 1) The company applies overhead at a rate of 120% of direct labor cost. The company started job 203 in January and finished the job in February. During that time they used 278 hours of labor at a cost of $17 per hour. They used $123,232 of direct materials in the job. How much overhead should be applied to job 203.
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Answer #1

The company applies overhead at a rate of 120% of direct labor cost. The company started job 203 in January and finished the job in February. During that time they used 278 hours of labor at a cost of $17 per hour. They used $123,232 of direct materials in the job.

Direct labor cost = Direct labor hours used x Direct labor rate

= 278 x 17

= $4,726

overhead applied to job 203 = Direct labor cost x Predetermined overhead rate

= 4,726 x 120%

= $5,671.2

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