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Beans 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 total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of $2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics:
-The amount of overhead applied to Job K818 is closest to:
Normal Model
A probability distribution that is symmetrical about its average, indicating that occurrences close to the mean are more common than those further away.
Central 68%
Central 68% is a statistical term that refers to the percentage of data within one standard deviation of the mean in a normal distribution, implying that about 68% of the data fall within this range.
Standard Deviation
A measure of the amount of variation or dispersion in a set of values, indicating how much the values differ from the mean.
IQR
Interquartile Range, a measure of variability, indicates the range within which the middle 50% of a data set lies.
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