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Question
Smith Company reports the following information:
| Cost of goods manufactured | $68,250 |
| Direct materials used | 27,000 |
| Direct labor incurred | 25,000 |
| Work in process inventory, January 1 | 11,000 |
Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is
a. $16,250
b. $8,500
c. $18,750
d. $13,500
Answer
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