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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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Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $357,000 of direct labor costs. During the year, the company incurred the following actual costs. $ 377,000 306,000 655,800 Direct materials used Direct labor Factory overhead The January 1 balances of inventory accounts are shown below. Materials-all direct Work-in-process Finished goods $ 62,900 42,600 27,100 The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year. The cost of goods manufactured during the year is: (Round your "predetermined overhead rate" to 1 decimal place.)
Transcribed Image Text:Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,000, and management budgeted $357,000 of direct labor costs. During the year, the company incurred the following actual costs. $ 377,000 306,000 655,800 Direct materials used Direct labor Factory overhead The January 1 balances of inventory accounts are shown below. Materials-all direct Work-in-process Finished goods $ 62,900 42,600 27,100 The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year. The cost of goods manufactured during the year is: (Round your "predetermined overhead rate" to 1 decimal place.)
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