Levron Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $58,000, variable manufacturing overhead of $2.00 per machine-hour, and 20,000 machine-hours. The company has provided the following data concerning Job P978 which was recently completed:
-The amount of overhead applied to Job P978 is closest to:
Definitions:
High Point
The highest value or peak that an economic indicator or a market index reaches over a specific time period.
Capital Goods
Long-lasting goods used in the production of other goods or services, such as buildings, machinery, and equipment.
Money Supply
This refers to the total amount of monetary assets available in an economy at a specific time.
Inflation Rate
The pace at which prices for goods and services across the board escalate, resulting in the diminishing value of money.
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