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Assume that a company uses a standard cost system and applies overhead to production based...

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Accounting

Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year:

Total budgeted fixed overhead cost for the year $ 318,000
Actual fixed overhead cost for the year $ 276,000
Budgeted direct labor-hours 60,000
Actual direct labor-hours 56,000
Standard direct labor-hours allowed for the actual output 58,000

The fixed portion of the predetermined overhead rate is closest to:

A) $5.30

B) $4.90

C) $5.68

D) $5.23

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