Modiste Inc.manufactures two kinds of bags-totes and satchels.The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base.Estimated overhead costs for the year are $24,250.Additional information is given below. 
-Calculate the predetermined overhead allocation rate.
Definitions:
Raw Materials Purchases
The acquisition of materials that are directly used in the manufacturing of products.
Production Needs
The specific requirements for manufacturing including materials, labor, and overhead to meet demand.
Master Budget
An all-encompassing financial plan for a company, consolidating all its individual budgets related to sales, cost of goods sold, operating expenses, assets, liabilities, and cash flows.
Direct Labor
The wages and related expenses for workers who are directly involved in the production of goods.
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