Portside Watercraft Uses a Job Order Costing System

question 143

Multiple Choice

Portside Watercraft uses a job order costing system.During one month Portside purchased $153,000 of raw materials on credit;issued materials to production of $164,000 of which $24,000 were indirect.Portside incurred a factory payroll of $95,000,paid in cash,of which $25,000 was indirect labor.Portside uses a predetermined overhead rate of 170% of direct labor cost.The journal entry to record the issuance of materials to production is:

• A)Debit Raw Materials Inventory $153,000;credit Accounts Payable $153,000.
• B)Debit Work in Process Inventory $140,000;debit Factory Overhead $24,000;credit Raw Materials Inventory $164,000.
• C)Debit Raw Materials Inventory $195,000;credit Work in Process Inventory $195,000.
• D)Debit Work in Process Inventory $140,000;debit Raw Materials Inventory $24,000;credit Materials Inventory $164,000.
• E)Debit Finished Goods Inventory $140,000;credit Raw Materials Inventory $140,000.

Identify the dynamic between average total cost and production scale in a natural monopoly.

Analyze the societal impacts of monopolistic practices and market structures.

Recognize the fundamental causes and effects of barriers to entry in creating monopolies.

Describe how exclusive rights and ownership contribute to monopoly power.

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Definitions:

Paycuts

Reductions in the amount of money employees are paid as wages or salaries.

Mobbing

A form of bullying in which an individual is harassed or attacked by a group, often within a workplace or institutional setting.

Bullying

Involves repeated aggressive behavior with the intention to hurt another person, physically or mentally.

Workplace Bullying

Repeated, health-harming mistreatment of an employee by coworkers or superiors, including verbal abuse, threats, and other forms of intimidation.