The work in process inventory account of a manufacturing, Accounting Basics

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The work in process inventory account of a manufacturing

Question: The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $11,625 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,700 and direct labor cost of $2,500. Therefore, the company's overhead application rate is?

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Accounting Basics: The work in process inventory account of a manufacturing

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