Question: I need the correct answer to this general accounting problem using the standard accounting approach. Elite Manufacturing established its predetermined overhead rate for jobs produced

I need the correct answer to this general accounting problem using the standard accounting approach.

Elite Manufacturing established its predetermined overhead rate for jobs produced during 2023 using the following cost predictions: Overhead cost: $400,000 Direct materials cost: $300,000 At year-end 2023, the company's records show that actual overhead costs for the year were $900,000. Determine the predetermined overhead rate for 2023

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