Reference no: EM133009644
On January 1, 2021, X Company estimated the following costs for the year:
Direct materials $65,600
Customer relations 75,000
Direct labor 75,000
Factory supplies 18,200
Factory supervision 31,600
Marketing research 41,800
Factory rent 42,300
Sales salaries 49,000
Legal department costs 75,000
Factory insurance 63,100
The company also estimated that total direct labor hours for the year would be 5,000, and total machine hours would be 61,000.
The company finished Product A in June. It required 550 direct labor hours at a cost of $15,000. It also required 4,270 machine hours.
Problem 1: If X Company uses a plantwide system to allocate overhead costs, with direct labor cost as the cost driver, how much overhead was allocated to Product A [round overhead rate(s) to two decimal places]?
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