Canoe Company's manufacturing accounting system uses direct labor costs to apply overhead to goods in process and finished goods inventories.Canoe Company's manufacturing costs for the year were: direct labor,$30,000; direct materials,$50,000; and factory overhead applied,$6,000.The overhead application rate was:
A) 5.0%
B) 12.0%
C) 20.0%
D) 500.0%
E) 16.7%
Correct Answer:
Verified
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