At the beginning of the year, Titanium Inc. estimated that overhead would be $100,000 and direct labor hours would be 20,000. At the end of the year, actual overhead was $175,900 and there were actually 35,000 direct labor hours.
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Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $295,000; Cash paid for rent, $31,000; Cash paid to employees for services rendered during the year, $111,000;
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