1. Frederick Company's January 1, 2018 finished goods inventory was $70,000. The January 1, 2019 finished goods inventory is $51,000.Cost of goods manufactured for the FY 2018 was $389,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold.
2. During March 2019, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead.Alpha's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $262,000 would be incurred, and 6,700 direct labor hours would be worked.During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate.