T&R Company: Select correct factory overhead incurred, gross profit, FIFO method
The T&R Company's production costs for August are: direct labor, $13,000; indirect labor, $6,500; direct materials, $15,000; property taxes on production equipment, $800; heat, lights and power, $1,000; and insurance on plant and equipment, $200. T&R Company's factory overhead incurred for August is a. 2,000 b. 6,500 c. 8,5