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Required: Calculate the overhead rate based on the relationship between total manufacturing overhead cost and total direct labor cost. Then, determine the cost of the
Required:
- Calculate the overhead rate based on the relationship between total manufacturing overhead cost and total direct labor cost. Then, determine the cost of the ending Work in Progress inventory.
- Prepare the statement of cost of goods sold manufactured for 2020.
- Prepare the journal entries to close the manufacturing accounts to manufacturing summary and to close the manufacturing summary account.
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