Reference: 03-06
the Milo Company's Records for May Contained the Following

question 78

Multiple Choice

Reference: 03-06
The Milo Company's records for May contained the following information: $$\begin{array} { | l | l | l | } \hline \text { Actual direct labour-hours } & 9,000 & \text { hours } \\\hline \text { Actual direct labour cost } & \$ 47,000 & \\\hline \text { Direct material purchased } & 16,000 & \\\hline \text { Direct material used } & 14,000 & \\\hline \text { Cost of goods sold } & 100,000 & \\\hline \text { Overapplied overhead } & 5,000 & \\\hline \text { Ending inventories: } & & \\\hline \text { Raw materials } & 30,000 & \\\hline \text { Work in process } & 50,000 & \\\hline \text { Finished goods } & 70,000 & \\\hline\end{array}$$ The company uses a predetermined overhead rate of $5.00 per direct labour hour to apply manufacturing overhead to jobs.
-The actual overhead cost incurred during the month was:

• A)$40,000.
• B)$50,000.
• C)$55,000.
• D)$45,000.

Understand how firms can save money by applying economies of scope.

Identify strategies multi-business-unit companies use to create economies of scope.

Understand the conditions under which economies of scope are likely to be gained.

Identify and understand the different types of plant tissues and their functions.

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Definitions:

Psychological Essentialism

The idea that people possess implicit theories about fundamental characteristics that all instances of a concept contain or embody.

Mental Representation

Internal cognitive symbols that represent external reality or abstract concepts, enabling understanding and reasoning.

Essences

The intrinsic nature or indispensable quality of something, especially something abstract, that determines its character.

DNA

Stands for Deoxyribonucleic Acid, which is a molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.