Martinez Foundry in Altanta comma Georgia$,$ uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the$$ year, the company expected to incur the$$ following:

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Part $1$

Requirement $1.$ Compute Martinez's predetermined manufacturing overhead rate.

Determine the formula to calculate the predetermined overhead$$ rate, then calculate the rate.

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Predetermined overhead rate