Question: Basra Construction Ltd. allocates overhead costs to its projects based on direct labor hours. During the month of June 2024, the company incurs total overhead

Basra Construction Ltd. allocates overhead costs to its projects based on direct labor hours. During the month of June 2024, the company incurs total overhead costs of IQD 500,000,000 and records 10,000 direct labor hours across its projects. Calculate the overhead allocation rate per direct labor hour and allocate overhead costs to each project. Discuss the importance of accurate cost allocation in project management and financial reporting.

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