Laramie Technologies Had the Following Data

question 49

Essay

Laramie Technologies had the following data:
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Cost of materials used $50,000
Direct labor costs 56,000
Factory overhead 28,000
Work in process,beg. 45,000
Work in process,end. 32,000
​
Calculate the cost of goods manufactured.

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Definitions:

Producing Goods

The process of creating tangible products that satisfy consumer needs and wants through the utilization of labor, capital, and raw materials.

Opportunity Cost

The cost of an alternative that must be forgone in order to pursue a certain action or the benefits you miss out on when choosing one alternative over another.

Best Alternative

The Best Alternative usually refers to the most favorable option or choice that is available to an individual or organization from a set of possibilities.

Benefits

Forms of compensation provided to employees or the public, including health insurance, pension, and unemployment assistance.