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A manufacturing company uses an overhead allocation rate based on direct labor cost. The company's Goods in Process Inventory account has a $15,000 debit balance after all posting is completed, and the cost sheet of the one job still in process shows direct material costs of $6,600 and direct labor costs of $3,000. What is the company's overhead application rate?
Strategic Point
A critical factor or position within a strategic plan that can significantly influence the success or failure of said plan.
Nonmonetary Costs
Costs associated with a purchase that are not financial, such as time spent, effort, and emotional stress.
Opportunity Costs
The value of the best alternative forgone when a decision is made to pursue a particular action or investment.
Tangible Costs
Direct costs associated with the production or purchase of a good or service that can be easily quantified.
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