Bodgers Ltd operates a job costing system. Towards the end of each financial year, the overhead recovery

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Bodgers Ltd operates a job costing system. Towards the end of each financial year, the overhead recovery rate (the rate at which overheads will be charged to jobs) is established for the forthcoming year.

(a) Why does the company bother to predetermine the recovery rate in this way?

(b) What steps will be involved in predetermining the rate?

(c) What problems might arise with using a predetermined rate?

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