amwk 4 a... roblem Saved Help Save & Exit Subn Check my work Simpson Manufacturing has the following standard cost sheet for one of its products: Total Direct materials Direct labor 5 pounds at $2 per pound $ 10 hours at $25 per hour 50 Variable factory overhead 2 hours at $5 per hour 10 Fixed factory overhead 2 hours at $20 per hour Cost per unit $110 The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Units manufactured 376 Direct materials purchased and used 1, 880 pounds $20, 680 Direct labor incurred 830 hours 22, 410 Variable factory overhead incurred 5, 312 Fixed factory overhead incurred 15, 800 Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Debit Credit Account (total) ( total ) Work-in-process inventory $177, 000 $142, 640 119 ,690 Finished goods inventory 142 . 640