On december 31, 20x1, hake prepared the following worksheet summarizing the translation of its wholly owned foreign subsidiary's financial statements into dollars. hake had purchased the foreign subsidiary for $324,000 on january 2, 20x1. on that date, the carrying amounts of the subsidiary's assets and liabilities equaled their fair values.
foreign applicable
currency exchange
amounts rates dollars

net assets at
january 2, 20x1
(date of purchase) 720,000 $.45 $324,000
net income, 20x1 250,000 .42 105,000

net assets at
december 31, 20x1 970,000 $429,000

adjusted net assets at
december 31, 20x1 970,000 .40 $388,000

compute the amount of the foreign currency translation adjustment.

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter.required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.