The following cost data pertains to GHI Inc. for December 31st, 2022:
Beginning Work-in-Process: $10,000
Ending Work-in-Process: $5,000
Direct Materials Used: $20,606
Direct Costs Incurred in Production: $38,606 ($26,000 of which is fixed)
Actual Indirect Costs Incurred in Production: $40,606
Beginning Finished Goods Inventories: $20,000
Ending Finished Goods Inventories: $25,000
Budgeted Fixed Factory Overhead was $25,000 based on:
Multiple Choice
$4.50 per direct labor hour
$4.67 per direct labor hour