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Vektek Inc. thinks machine hours is the best activity base for its manufacturing overhead. The estimate of annual overhead costs for its jobs was $2050000. The company used 1000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling $2100000. The budgeted machine hours for the year totaled 20000. How much overhead should be applied to Job No. B12?
Economic Efficiency
A condition in which all resources are distributed in the most efficient manner, ensuring that every individual or organization benefits optimally, with minimal waste and inefficiencies.
Economic Efficiency
A state where resources are allocated in a way that maximizes the production of goods and services without wasting any resources.
External Benefit
A benefit that results from an activity but affects uninvolved third parties who did not choose to incur that effect, often leading to market inefficiencies.
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