The Bayou Company makes crab pots.During the current month,direct materials costing $126,000 were put into production.Direct labor of $78,000 was incurred and overhead equaled $84,000.Selling and administrative expenses totaled $66,000 for the month and the company manufactured 3,000 crab pots.Assume there was no beginning inventory and that 2,800 crab pots were sold.
Required:
Definitions:
Buyers
Individuals or organizations that purchase goods or services for personal use or for the purpose of resale.
Formal Authority
The power given to an individual or group based on their position within an organization's hierarchy.
Buying Center
A collection of people within a company who take part in the process of deciding to buy goods or services.
User
An individual or entity that utilizes a product, service, or system for their intended purpose or benefit.
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