Rumington Popcorn Uses a Standard Cost System and Applies Overhead

question 5

Multiple Choice

Rumington Popcorn uses a standard cost system and applies overhead on a per unit basis. The company estimated that 30,000 units would be produced in 2014 and uses this quantity to establish its standard overhead cost per unit. The cost formula for overhead costs used to develop the standard overhead cost per unit was:
Overhead = $120,000 + $6 per unit
During the year, actual overhead cost was $340,000. Actual units produced were 32,000. How much is the amount of under or over applied overhead for 2014?

• A) $20,000 overapplied
• B) $20,000 underapplied
• C) $28,000 overapplied
• D) $28,000 underapplied

Comprehend the dual labor market theory and its implications on non-competing groups.

Analyze the effects of minimum wage policies on employment rates.

Evaluate the role of globalization and job sector shifts on wage levels and economic disparities.

Recognize the importance of educational attainment in wage differentials and labor market mobility.

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