accounting 202 help 417324

1. A manufacturing company prepays its insurance coverage for a three year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage?

2. Hayne Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Data for the most recently completed year appear below:

The predetermined overhead rate for the recently completed year was closest to: