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Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when direct materials are purchased, and prorates all variances at year - end.

Butrico Manufacturing Corporation uses a standard cost system, records materials price variances when direct materials are purchased, and prorates all variances at year-end. Variances associated with direct materials are prorated based on the balances of direct materials in the appropriate accounts, and variances associated with direct labor and manufacturing overhead are prorated to Finished Goods Inventory and to Cost of Goods Sold (CGS) on the basis of the relative direct labor cost in these accounts at year-end.
The following information is for the year ended December 31:
The company had no beginning inventories and no ending Work-in-Process (WIP) Inventory. It applies manufacturing overhead at 80% of standard direct labor cost.
Finished goods inventory at 12/31:
Direct materials $ 88,740
Direct labor 133,110
Applied manufacturing overhead 106,488
Direct materials inventory at 12/3165,200
Cost of goods sold for the year ended 12/31:
Direct materials $ 354,960
Direct labor 754,290
Applied manufacturing overhead 603,432
Direct materials price variance (unfavorable)10,200
Direct materials usage variance (favorable)15,300
Direct labor rate variance (unfavorable)20,400
Direct labor efficiency variance (favorable)5,100
Actual manufacturing overhead incurred 703,800
Required:
1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31.
2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials variances have been prorated.
3. Compute the total amount of direct labor cost in the Finished Goods Inventory at December 31, after all variances have been prorated.
4. Compute the total Cost of Goods Sold (CGS) for the year ended December 31, after all variances have been prorated.
(For all requirements, round your intermediate calculations and final answers to the nearest whole dollar amount.)

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