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Question: The Ilarion Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $117,000 of manufacturing overhead for an estimated allocation base of $90,000 direct labor dollars. The company has provided the following data.

Inventories Beginning Ending

Raw materials $29,000 $ 11,000

Work in process $45,000 $ 36,000

Finished goods $71,000 $ 61,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92572632

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