Question: Please explain the correct approach for solving this general accounting question. Summit Advisors is a financial consulting firm. The firm expects to have $75,000 in

Please explain the correct approach for solving this general accounting question.

Summit Advisors is a financial consulting firm. The firm expects to have $75,000 in indirect costs during the year and bill customers for 10,000 hours. The cost of direct labor is $95 per hour. Calculate the predetermined overhead allocation rate for Summit Advisors

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