Minton Company Provided the Following Information from Its Accounting Records

question 112

Multiple Choice

Minton Company provided the following information from its accounting records for 2017: $\begin{array}{lr}\text { Expected production } & 60,000 \text { labor hours } \\\text { Actual production } & 56,000 \text { labor hours } \\\text { Budgeted overhead } & \$ 1,800,000 \\\text { Actual overhead } & \$ 1,740,000\end{array}$ How much is the overhead application rate if Minton Company bases it on direct labor hours?

• A)$30.00 per hour
• B)$29.00 per hour
• C)$32.14 per hour
• D)$31.07 per hour

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Definitions:

Binding Arbitration

A legal process where a dispute is resolved by an impartial third party, whose decision is final and binding.

Member-managed LLC

A limited liability company where all members participate in the decision-making processes of the business.

Dispute

A disagreement, conflict, or controversy, often requiring resolution through legal processes.

Proxy Voting

The process by which a shareholder delegates their voting power to a representative, allowing them to vote at corporate meetings in their absence.