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Lovitz Company is planning to produce 2,500units of product in 2008. Each unit requires 3 pounds of materials at $7 per pound and a half hour of labor at $16 per hour. The overhead rate is 70% of direct labor.

Compute the budgeted amounts for 2008 for direct materials to be used, direct labor, and applied overhead.

Compute the standard cost of one unit of product.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797526

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