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Phillippe is an inside salesperson who earns a base annual salary of $24,000 plus a 5% commission on total sales that he makes during the pay period.During a semimonthly period,he made $27,500 in sales.What is Phillippe's gross pay for the period? (Do not round intermediate calculations.Round your answer to 2 decimal places. )
Conversion Costs
Conversion costs are the sum of direct labor and manufacturing overhead costs that are required to convert raw materials into finished products.
Direct Materials
Raw materials that are directly used in the manufacturing process of a product and can be directly traced to the goods being produced.
Production Cost Report
A document summarizing the costs associated with producing a product, including materials, labor, and overhead.
Work In Process
Inventory items that are in the stage of production but are not yet complete; represents a portion of inventory that is in transition from raw materials to finished goods.
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