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Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year - end, the Work in Process Inventory account shows the
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At yearend, the Work in Process Inventory account shows the following.
Work in Process Inventory
Debit Credit
Beginning
Direct materials used
Direct labor used
Overhead applied
Cost of goods manufactured
Ending
Determine the predetermined overhead rate used based on direct materials cost
Only one job remains in work in process inventory at yearend. Its direct materials cost is $ How much direct labor cost and applied overhead are assigned to this job?
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