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At the beginning of the year, Argus Company estimated the following costs: Overhead $350,000 Direct Labor cost 720,000 Argus uses normal costing and applies overhead

At the beginning of the year, Argus Company estimated the following costs:

Overhead $350,000

Direct Labor cost 720,000

Argus uses normal costing and applies overhead on the basis of direct labor cost. For February, direct labor cost was $50,000. Calculate the predetermined overhead rate for the year.

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