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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