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Suko Co. applies manufacturing overhead on the basis of direct labour-hours. On December 31, 2020, Suko's manufacturing overhead account showed a $45,000 credit balance. On January 1, 2020, Suko estimated that it would incur 15,000 direct labour-hours during 2020. The actual number of direct labour-hours was 18,750. Completed job cost sheets show that $300,000 in manufacturing overhead was transferred to the finished goods account. There were no jobs in process at the beginning of the year and 1 job was partially completed at the end of the year, with $75,000 in applied overhead.
Question 1: What is the estimated overhead rate? Group of answer choices
Option 1: $22.00
Option 2: $22.40
Option 3: $25.00
Option 4: $17.60
Option 5: $20.00
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