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Target applies overhead using a predetermined rate. The estimated overhead is $720,000, and the estimated direct labor hours are 72,000. The actual overhead incurred is

Target applies overhead using a predetermined rate. The estimated overhead is $720,000, and the estimated direct labor hours are 72,000. The actual overhead incurred is $700,000, and the actual direct labor hours are 70,000. Calculate the predetermined overhead rate and the overhead applied.

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