I think the answer is 1.45%
Answer:
budgeted direct-labor rate= $700 per direct labor hour
Explanation:
Giving the following information:
Budgeted total direct-labor costs $14,000,000
Budgeted total direct-labor hours 200,000
To determine the direct-labor cost rate, we need to use the following formula:
budgeted direct-labor rate= total amount of direct labor cost/ total amount of direct labor hours
budgeted direct-labor rate= 14,000,000/200,000= $700 per direct labor hour
Answer: The following are the similarities between job order and process costing:
Explanation:
Job order costing and process costing have significant similarities:
- Both job and process cost frameworks have a similar objective: to decide the expense of items.
- Both job and process cost frameworks have a similar cost streams. Bookkeepers record production in separate records for materials stock, work, and overhead. At that point, they move the expenses to a Work in Process Inventory account.
- Both job and process cost frameworks used predetermined overhead rates to apply overhead.
