Bostock s Building Blocks uses number of minutes in its firing
Bostock’s Building Blocks uses number of minutes in its firing oven to allocate overhead costs to products. In a typical month, 5,000 firing minutes are expected, and average monthly overhead costs are $3,500. During January, 4,800 firing minutes were used and total overhead costs were $2,750.

Required
Compute Bostock’s predetermined overhead rate and the amount of applied overhead for January.

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