Question: Please explain the solution to this general accounting problem with accurate principles. Riverdale Company applies manufacturing overhead on the basis of direct labor cost. At

Please explain the solution to this general accounting problem with accurate principles.

Riverdale Company applies manufacturing overhead on the basis of direct labor cost. At the beginning of the year, the company based its predetermined overhead rate on a total estimated overhead of $576,000 and estimated direct labor cost of $480,000. Actual manufacturing overhead for the year amounted to $598,000 and actual direct labor cost was $520,000. The applied manufacturing overhead for the year was closest to

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