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Exercise 7-31 (Algo) Predetermined Overhead Rates (LO 7-2) Sturgis Manufacturing produces one model of precision tool and accounts for costs using a job cost system.
Exercise 7-31 (Algo) Predetermined Overhead Rates (LO 7-2) Sturgis Manufacturing produces one model of precision tool and accounts for costs using a job cost system. Information from the most recent fiscal year indicates the following: - Total manufacturing cost during the year was $2,578,475 based on actual direct materials, actual direct labor, and applied manufacturing overhead. Of this amount, 40 percent was comprised of direct costs. - Manufacturing overhead was applied to work in process at 250 percent of direct materials dollars. Required: Compute actual direct materials used, actual direct labor, and applied manufacturing overhead
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