Alex Constructors Uses Job-Order Costing for Production of Custom Playground

question 101

Short Answer

Alex Constructors uses job-order costing for production of custom playground sets. The company incurred the following costs during March: $\begin{array}{ll}\text { Direct materi als used } & \$ 22,000 \\\text { Direct labor } & \$ 14,000 \\\text { Applied overhead } & \$ 18,000 \\\text { Actual overhead } & \$ 20,000\end{array}$ If Alex Constructors closes out any under or overapplied overhead directly to cost of goods sold, which entry will the company make to eliminate the over or underapplied amount in March? $\begin{array}{ll}A.&\text {Cost of Goods Sold }&2,000\\&\text { Work in Process Inventory}&&2,000\\B.&\text {Manufacturing Overhead }&2,000\\&\text {Work in Frocess Inventory }&&2,000\\C.&\text { Manufacturing Overhead}&2,000\\&\text { Cost of Goods Sold}&&2,000\\D.&\text { Cost of Goods Sold}&2,000\\&\text {Manufacturing Overhead }&&2,000\\\end{array}$

Distinguish appropriate from inappropriate use of technology and mobile devices in the workplace.

Appreciate the importance of time management and punctuality as a form of nonverbal communication.

Analyze the role of etiquette in maintaining workplace professionalism.

Understand the complexities of communication dynamics in a professional environment, including the coexistence of verbal and nonverbal elements.

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Definitions:

Open Market Operations

The buying and selling of government securities in the open market by a central bank to control the supply of money.

Money Supply

The overall amount of available money in an economy, which encompasses cash, coins, and the balances in checking and savings accounts, at a certain moment in time.

Discount Rate

The interest rate charged to commercial banks and other depository institutions for loans received from the Federal Reserve's discount window.

Reserve Requirements

Mandatory regulations set by central banks determining the minimum amount of reserves that must be held by commercial banks, ensuring they have enough cash on hand to meet withdrawal demands.