The minimum requirements for general purpose external financ…

The minimum requirements for general purpose external financial reporting are (1) management’s discussion and analysis (MD&A), (2) the basic financial statements, including the notes to the financial statements, and (3) combining and individual fund financial statements.

Pinacle Corp. budgeted $266,000 of overhead cost for the cur…

Pinacle Corp. budgeted $266,000 of overhead cost for the current year. Actual overhead costs for the year were $255,970. Pinacle’s plantwide allocation base, machine hours, was budgeted at 53,320 hours. Actual machine hours were 49,300. A total of 91,840 units was budgeted to be produced and 98,000 units were actually produced.   What is Pinacle’s plantwide factory overhead rate for the current year?