Question: I am looking for the correct answer to this general accounting question with appropriate explanations. ABC Manufacturing allocates overhead costs based on direct labor hours.

I am looking for the correct answer to this general accounting question with appropriate explanations.

ABC Manufacturing allocates overhead costs based on direct labor hours. The company budgeted $420,000 in overhead costs and 70,000 direct labor hours for the year. By year-end, ABC incurred actual overhead costs of $445,500 and used 75,000 direct labor hours. Calculate the manufacturing overhead rate for the year

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