Referencing Styles : APA 1. Write a memo to your friend and explain the following short answer questions:(a) What is a predetermined overhead rate and how is overhead cost assigned to production when a predetermined overhead rate is used? (b) What is a departmental overhead rate and a plant-wide overhead rate? (c) What … View More 1. Write a memo to your friend and explain the following short answer questions: (a) What is a predetermined overhead rate and how is overhead cost assigned to production when a predetermined overhead rate is used? (b) What is a departmental overhead rate and a plant-wide overhead rate? (c) What is an overhead variance and how is it accounted for typically? (d) Is the cost of a job related to the price charged, and if so, how? Justify your answer. 2. Calculate the overhead rate based on direct labour costs (Note: round to three decimal places) 3. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of 1 March as well as direct materials and direct labour added in March. Apply overhead to the four jobs for the month of March and show the ending balances. 4. Calculate the ending balances of Work in Process and Finished Goods as of 31 March. 5. Calculate the Cost of Goods Sold for March. Read Less