Reyes Corporation applies overhead using an actual costing approach. Budgeted factory overhead was $266,400, budgeted machine-hours were 18,500. Actual factory overhead was $287,920, actual machine-hours were 19,050.
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As of december 31, 2013, nilsen industries had $2,000 of raw materials inventory. at the beginning of 2013, there was $1,600 of materials on hand. during the year, the company purchased $324,000 of materials; however it paid for only $314,000.
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