The goods in process inventory account of a manufacturing, Financial Accounting

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The goods in process inventory account of a manufacturing

The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $10,400 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $5,000 and direct labor cost of $1,550. Therefore, the company's overhead application rate is:

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Financial Accounting: The goods in process inventory account of a manufacturing

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