Identify the role of the audit committee of the board of directors.

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A company estimates $12 million in direct labor, and overhead costs for the next year will be $9,200,000 for indirect labor and $800,000 for factory utilities. The company uses machine hours as its overhead allocation base. If 300,000 machine hours are planned for this next year, what is the company's plantwide overhead rate?

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Chapter 1, Problem 25RQ

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Identify the role of the audit committee of the board of directors.

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