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Use the following data to answer the next two (2) questions: Product 1 Product 2 Product 3 Direct Material Cost $25,000 $30,000 $35,000 Direct Labor
Use the following data to answer the next two (2) questions:
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| Product 1 | Product 2 | Product 3 |
| Direct Material Cost | $25,000 | $30,000 | $35,000 |
| Direct Labor Cost | $30,000 | $40,000 | $50,000 |
| Direct Labor Hours | 1,200 hours | 1,800 hours | 2,000 hours |
Factory overhead is estimated to be $40,000 and is applied based on direct labor dollars. This overhead cost is not traceable to any particular product.
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Factory overhead allocated to Product 2 is
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$13,333.
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$24,000.
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$20,000.
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$14,400.
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The total cost of Product 1 is
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$55,000.
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$62,500.
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$65,000.
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$83,333.
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