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Ch 15 Activity Vannoy Manufacturing Company makes speciality tools. In January. Vannoy incurs manufacturing costs of $10,000,000 for direct materials, direct labor, and overhead 25%
Ch 15 Activity Vannoy Manufacturing Company makes speciality tools. In January. Vannoy incurs manufacturing costs of $10,000,000 for direct materials, direct labor, and overhead 25% of the total costs represents overhead applied. The overhead rate is $1 for every $2 of direct labor costs incurred. Inventory balances were: Raw materials Work in process Finished goods January 1 $400,000 600,000 400,000 January 31 $500,000 800,000 200,000 At the end of January, there was $1,000 of overapplied overhead. Instructions (a) Determine the cost of raw materials purchased in January. (b) Prepare a cost of goods manufactured schedule for January (c) Compute the cost of goods sold for January
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