Micron Precision purchased equipment on January 1, 2018 , for $ 40,606. Suppose Micron Precision sold the equipment for $ 30,000 on December 31, 2019. Accumulated Depreciation as of December 31, 2019 , was $ 12,494.
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Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $120,500 and $124,100, respectively. During the year, actual overhead was $106,500 and actual direct labor cost was $110,800.
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