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Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of 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 32,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $505,000 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 $629,891 and its actual total direct labor was 32,500 hours. Required:
Problem 1: Compute the company's plantwide predetermined overhead rate for the year. labor-hours. At the beginning of the year, it estimated that 32,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $505,000 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 $629,891 and its actual total direct labor was 32,500 hours.
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