Labor data for making one gallon of finished product in bing company are as follows. (1) price—hourly wage rate $13.10, payroll taxes $0.72, and fringe benefits $1.44. (2) quantity—actual production time 1.54 hours, rest periods and cleanup 0.28 hours, and setup and downtime 0.22 hours. compute the following. (round answers to 2 decimal places, e. g. 1.25.) (a) standard direct labor rate per hour. $ (b) standard direct labor hours per gallon. hours (c) standard labor cost per gallon. $

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.