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E25-1 Lovitz Company

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Lovitz Company is planning to produce 2,000 units of product in 2010. Each unit
requires 3 pounds of materials at $6 per pound and a half hour of labor at $14 per hour.The overhead
rate is 70% of direct labor.

(a) Compute the budgeted amounts for 2010 for direct materials to be used, direct labor, and
applied overhead.
(b) Compute the standard cost of one unit of product.

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