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Can GP use Normal Costing? That is, a predetermined OH rate will be calculated by dividing total estimated OH costs by total estimated labor hours for the year. Then actual direct material costs and actual direct labor hours will be used to debit WIP but for applying overhead rather than actual overhead costs, the predetermined rate will be used.
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Yes. You set your overhead rates in Labor Code/Machine OH or Machines and Labor Codes under your Manufacturing Cards menu.
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Almas Mahfooz
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