Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor...
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Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. Freeman Furnishings has summarized its data as shown: Depreciation of factory building $116,000 Factory real estate taxes $15,000 Factory utility expenses $85,000 Indirect materials $32,000 Indirect labor $25,000 Direct labor cost $83,000 Direct labor hours incurred 25,500 26,000 $330,000 $30,000 $30,000 $51,000 $65,000 $286,000 Estimated direct labor hours Raw material purchased Raw material, beginning inventory Raw material, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. Freeman Furnishings has summarized its data as shown: Depreciation of factory building $116,000 Factory real estate taxes $15,000 Factory utility expenses $85,000 Indirect materials $32,000 Indirect labor $25,000 Direct labor cost $83,000 Direct labor hours incurred 25,500 26,000 $330,000 $30,000 $30,000 $51,000 $65,000 $286,000 Estimated direct labor hours Raw material purchased Raw material, beginning inventory Raw material, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead
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The cost of goods manufactured can be calculated using the following formula Cost of goods manufactu... View the full answer
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