(Answered) An accounting firm employs 25 professional auditors

Accounting

An accounting Firm employs 25 professional auditors. Budgeted costs total $1,200,000, of which $550,000 are indirect costs and the budgeted professional labour hours are 500,000.

Actual indirect costs are $600,000 and actual labour hours are 504,000.

Calculate:

The predetermined overhead rate.

The amount under/over absorbed.

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