Working with Unknowns Gregson Company uses a job costing system that applies factory over- head on 1 answer below »

Working with Unknowns Gregson Company uses a job costing system that applies factory over- head on the basis of direct labor dollars. No job was in process on February 1. During the month of February, the company worked on these three jobs:

Job Number

Direct labor ($8/hour) A23

$24,000 C76

? G15

$8,800

Direct materials

42,000

61,000

?

Overhead applied

?

24,750

6,050

During the month, the company completed and transferred Job A23 to the finished goods inventory. Jobs C76 and G15 were not completed and remain in work in process at the cost of $148,650 at the end of the month. Actual factory overhead costs during the month totaled $48,600.

Required

What is the predetermined factory overhead rate?

Compute the amount of underapplied or overapplied overhead for February.

Compute the cost of direct materials issued to production during the month.