A company produces children's socks. The direct material cost for the year was 800,000$, the direct labor cost was 170,000$, and the variable overhead was allocated at 200,000$. The fixed overhead cost is applied at 40% (predetermined overhead rate) based on direct labor. The company produced 10,000 pairs of children's socks during the year. 

What was the production cost of company per pair of socks for the year?

 

 

Answer rating: 100% (QA)

To determine the production cost per pair of socks for the year we need to calculate the total produ... View the full answer