Based on the information given the predetermined overhead rate is 31.89 per direct labor hour.
<h3>Predetermined overhead rate</h3>
Using this formula
Predetermined Overhead rate = Estimated manufacturing overhead / Estimated total labor hours
Let plug in the formula
Predetermined Overhead rate = [$1,026,260 + (46,000×6.25)] / 41,200
Predetermined Overhead rate =1,313,760/ 41,200
Predetermined Overhead rate = 31.89 per direct labor hour
Inconclusion the predetermined overhead rate is 31.89 per direct labor hour.
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The privatization of public property was a vital task because the state was "land rich but money poor" and there is need to raise funds that could be used for infrastructure purposes such as funding elementary, secondary, higher education etc
<h2>What is
privatization?</h2>
Privatization refers to process where a government business, operation, property becomes a privately-owned property, business etc
In conclusion, the privatization of public property was a vital task because the state was "land rich but money poor" and there is need to raise funds that could be used for infrastructure purposes such as funding elementary, secondary, higher education etc
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Answer:
UNDER THE HISTORICAL COST OF PRINCIPLE THE COST OF LAND WOULD BE $82,000
Explanation:
Historical cost principle is one of many principle that is used in the accounting , where it states that the value of the asset which will be recorded in the asset side of the balance sheet will be based on the original amount of price which was incurred to acquire the asset at the time of purchase. In this we will include the broker's commission and amount spent for demolishing old building
COST OF LAND = purchase price + broker commission + cost on demolishing
= $70,000 + $5000 + $7000
= $82,000
