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The overhead overallocated for Al Jaber Company is $300,000. Overhead is allocated under the normal costing method using direct labour hours at the rate of
The overhead overallocated for Al Jaber Company is $300,000. Overhead is allocated under the normal costing method using direct labour hours at the rate of $30 per direct labour hour. You are provided with the following data for the financial year 2020: Account labour hours Direct Balance before adjustment Work in process 20,000 $4,500,000 Finished goods 30,000 $6,600,000 Cost of goods sold 15,000 $3,400,000 Required What is the balance after adjustment for the three accounts using the adjusted allocation rate method? [Mark 2]
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