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Exercise 5-13 Overhead Application (LO3, LO5) Sportway Inc. produces high-quality tennis racquets and golf clubs...

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Exercise 5-13 Overhead Application (LO3, LO5) Sportway Inc. produces high-quality tennis racquets and golf clubs using a patented forming process and high-quality hand-finishing Products move through two production departments: Forming and Finishing. The company uses departmental overhead rates to allocate overhead costs. Overhead is allocated based on machine-hours in Forming and direct labour cost in Finishing. Information related to costs for last year is provided below: Tennis Colt Racquets clubs 6,300 9,950 $ 4.60 $ 3.70 Annual production and sales (units) Direct materials cost per unit Direct labour cost per unit: Forming Department Finishing Department Machine-hours per unit: Forming Department Finishing Department $ 1.00 $50 5 6.50 $ 7.00 0.25 0.00 0.25 0.50 In addition, the firm budgets manufacturing overhead at $55,250 in the Forming Department and $59,500 in the Finishing Department Required: 1. Determine the overhead application rate for each department. (Round your answers to 2 decimal places.) Forming Finishing per MH per DLS

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