Predetermined overhead rate
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The work in process inventory for the Smith Corporation has a balance of $4800 at the end of an accounting period. The job-cost sheets of two incomplete jobs show charges of $800 and $400 for materials used and charges of $600 and $1000 for direct labor used. From this information, it appears that Smith Corporation is using a predetermined rate, as a percentage of direct labor costs of:
A. 240%
B. 125%
C. 80%
D. 41.7%
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The solution explains how to calculate the predetermined overhead rate.
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