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The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $11,625 debit balance

The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $11,625 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,700 and direct labor cost of $2,500. Therefore, the company's overhead application rate is:

217%.

148%.

68%.

147%.

46%.

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