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XYZ Corporation uses a predetermined overhead application rate of P.30 per direct labor hour. During the year it incurred P345,000 dollars of actual overhead, but

XYZ Corporation uses a predetermined overhead application rate of P.30 per direct labor hour. During the year it incurred P345,000 dollars of actual overhead, but it planned to incur P360,000 of overhead. The company applied P363,000 of overhead during the year. How much is the standard overhead cost and the actual overhead rate?

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