The following information applies to the questions displayed below.] LI Company produces large quantities of...
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The following information applies to the questions displayed below.] LI Company produces large quantities of a standardized product. The following Information is available for its production activities for January. Factory overhead Incurred Raw Beginning Inventory Raw materials purchased (on credit) Direct materials used 23,000 Indir 76,000 $ 23,000 Indirect materlals used 310,000 (171,000) Indirect labor used Other overhead costs 50,000 155,540 Indirect materials used (76,000) Total factory overhead incurred 281540 Ending Inventory $86,000 Factory overhead applied (140% of direct labor cost) Direct labor used $201,100 Total factory overhead applied 281,540 Indirect labor used 50.000 Total payroll cost (paid in cash) $ 251,100 Additional information about units and costs of production activities foilows
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