(Figure: Determining Surplus 2) in the Graph, the Consumer Surplus

question 29

Multiple Choice

(Figure: Determining Surplus 2) In the graph, the consumer surplus is equal to ______.

• A) $12
• B) $15
• C) $25
• D) $30

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Definitions:

Job Order Cost System

An accounting system that accumulates costs by individual jobs when the products or services are distinguishable from each other.

Time Tickets

Documents or electronic records used to track the amount of time an employee spends on a specific job or project.

Job Cost Sheets

Documents that track the direct materials, direct labor, and manufacturing overhead for a specific job, used in job costing systems.

Direct Labor

Costs associated with the labor directly involved in the production of goods or services.