Levron Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $58,000, variable manufacturing overhead of $2.00 per machine-hour, and 20,000 machine-hours. The company has provided the following data concerning Job P978 which was recently completed:Number of units in the job20Total machine-hours80Direct materials$500Direct labor cost$2,640The predetermined overhead rate is closest to:
A. $2.00 per machine-hour
B. $2.90 per machine-hour
C. $4.90 per machine-hour
D. $6.90 per machine-hour
Answer: C
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