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Hamilton Pty Ltd uses a standard costing system for product costing.The company uses direct labour hours as the cost driver to apply overhead costs.The following amounts were budgeted for the year:
The following were the actual results:
Calculate the amount of overhead cost applied to work in process inventory.
Accounting Records
Documentation and books that keep track of the financial transactions of a business or individual, forming the basis for its financial statements.
Asset
Resources controlled by a business from which future economic benefits are expected to flow to the business, including both physical items and intangible properties.
Credit
An entry on the right side of a double-entry bookkeeping system that increases liabilities and equity or decreases an asset or expense.
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