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Mary Company uses both standards and budgets. For the year, estimated production of Product X...

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Accounting

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Mary Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and tabor are $1,000,000 and $1,300,000 respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, es. 1.25) Journalize the following transactions for Oriole, Inc. (a) Incurred direct labor costs of $23,800 for 3,500 hours. The standard labor cost was $25,025. (b) Assigned 3,500 direct labor hours costing $23,800 to production. Standard hours were 3,700 . (List all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manuolh) Round per unit values to 2 decimal ploces, e.8. 52.75 and final answers to 0 decimal places, e.g. 52.)

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