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M Corporation manufactures a specialty line of jeans using a job-order-cost system. During May, the following costs were incurred in completing job M1. Direct materials = $13,700 Direct labor $4,800 Administrative = $1,400 Selling = $5,600 Overhead was applied at the rate of $25 per machine hour, and job M1 required 800 machine hours. If job M1 resulted in 7,000 good jeans, what would be the cost of goods sold per unit?

M Corporation manufactures a specialty line of jeans using a job-order-cost system. During May, the following costs were incurred in completing job M1. Direct materials = $13,700 Direct labor $4,800 Administrative = $1,400 Selling = $5,600 Overhead was applied at the rate of $25 per machine hour, and job M1 required 800 machine hours. If job M1 resulted in 7,000 good jeans, what would be the cost of goods sold per unit?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M Corporation manufactures a specialty line of jeans using a job-order-cost system. During May, the following costs were incurred in completing job M1. Direct materials = $13,700 Direct labor $4,800 Administrative = $1,400 Selling = $5,600 Overhead was applied at the rate of $25 per machine hour, and job M1 required 800 machine hours. If job M1 resulted in 7,000 good jeans, what would be the cost of goods sold per unit?
Transcribed Image Text:M Corporation manufactures a specialty line of jeans using a job-order-cost system. During May, the following costs were incurred in completing job M1. Direct materials = $13,700 Direct labor $4,800 Administrative = $1,400 Selling = $5,600 Overhead was applied at the rate of $25 per machine hour, and job M1 required 800 machine hours. If job M1 resulted in 7,000 good jeans, what would be the cost of goods sold per unit?
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