Elston Company compiled the following information as of December 31, 2014:Service Revenue $700,000Common Stock $150,000Equipment $200,000Operating Expenses $625,000Cash $175,000Dividends $50,000Supplies $25,000Accounts Payable $100,000Accounts
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At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fixed factory overhead of $28,000 for 8,000 hours of production.
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