During 2020 Caruba Manufacturing Expected Job 25 to Cost $75,000

question 26

Multiple Choice

During 2020 Caruba Manufacturing expected Job 25 to cost $75,000 of overhead, $130,000 of material, and $25,000 in labour.Caruba applied overhead based on direct labour cost.Actual production required an overhead cost of $80,000, $140,000 in materials used; and $20,000 in labour.All of the goods were completed.What amount was transferred to Finished Goods?

• A)$240,000
• B)$230,000
• C)$220,000
• D)$210,000

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Definitions:

Involuntary Petition

A legal procedure initiated by creditors requesting the bankruptcy court to declare a debtor bankrupt.

Automatic Stay

A legal provision that halts all judicial and administrative actions, including collection efforts, against a debtor immediately upon the filing of a bankruptcy petition.

Chapter 7

A section of the United States Bankruptcy Code that provides for the liquidation of a debtor's non-exempt assets to pay off creditors.

Bankruptcy Code

A collection of laws and regulations that govern the process of bankruptcy in the United States, providing a legal framework for resolving insolvency.