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The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $8,400 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $4,000 and direct labor cost of $1,300. Therefore, the company's overhead application rate is?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9963332

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