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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