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During March 2021, Virginia Bay Corporation recorded $275,000 of...

During March 2021, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead. Virginia Bay's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $273,000 would be incurred, and 8,700 direct labor hours would be worked. During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate. Round to closest cent.

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