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Prather Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Recently, Job P513 was completed with the following characteristics:
The predetermined overhead rate is closest to:
Neoclassical Economics
An economic theory that focuses on supply, demand, and the price mechanism as the driving forces behind production, distribution, and consumption of goods and services.
Economic Systems
Organized ways in which countries manage their resources and distribute goods and services within their societies.
Principles
Fundamental truths or propositions that serve as the foundation for a system of belief or behavior or for a chain of reasoning.
Economic Growth
An increase in the production of goods and services in an economy over a period, often measured by the rise in Gross Domestic Product (GDP).
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