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Exercise 5 Jimmy Products computes its predetermined overhead rate annually on the basis of direct...

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Exercise 5 Jimmy Products computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be P586,000 and the total direct labor would be 40,000 hours. Its actual total manufacturing overhead for the year was P713,400 and its actual total direct labor was 41,000 hours. Required: Compute the company's predetermined overhead rate for the year

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