Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing...
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Accounting
Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor costs. During the year, the company incurred the following actual costs.
| Direct materials used | $384,000 |
| Direct labor | 306,000 |
| Factory overhead | 658,000 |
The January 1 balances of inventory accounts are shown below.
| Materials all direct | $70,000 |
| Work-in-process | 41,000 |
| Finished goods | 26,000 |
The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year.
The predetermined factory overhead rate is?
NOTE: PLEASE HELP ME SHOW THE CALCULATION.
THANKS
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