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The Clothing Company manufactures two product lines: sweatshirts and T-shirts. The company currently uses a plant-wide overhead rate using labor hours to allocate overhead. At the beginning of the year, the company made the following estimates:
Product Sweatshirts T-shirts
Machine hours per unit 1 0.5
Direct material cost per unit $6 $3
Direct labor hours per unit 2 1
Direct labor cost per unit $20 $10
During the year, the company expected to produce 10,000 sweatshirts and 55,000 t-shirts. Expected manufacturing overhead cost for the year is $1,000,000.
Problem 1: Compute the plant wide overhead rate. Round to two decimal places.
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