Use the following data to answer the next two (2) questions: Product 1 Product 2 Product 3
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Question:
Use the following data to answer the next two (2) questions:
Product 1 | Product 2 | Product 3 | |
Direct Material Cost | $25,000 | $30,000 | $35,000 |
Direct Labor Cost | $30,000 | $40,000 | $50,000 |
Direct Labor Hours | 1,200 hours | 1,800 hours | 2,000 hours |
Factory overhead is estimated to be $40,000 and is applied based on direct labor dollars. This overhead cost is not traceable to any particular product.
Factory overhead allocated to Product 2 is
$13,333.
$24,000.
$20,000.
$14,400.
The total cost of Product 1 is
$55,000.
$62,500.
$65,000.
$83,333.
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