The Following Information Is Available for Completed Job No

question 120

Multiple Choice

The following information is available for completed Job No. 402: Direct materials $120000; direct labor $180000; manufacturing overhead applied $90000; units produced 5000 units; units sold 4000 units. The cost of the finished goods on hand from this job is

• A) $60000.
• B) $390000.
• C) $78000.
• D) $312000.

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Definitions:

Nonlabor Income

Income received from sources other than direct employment or labor, such as investments, retirement pensions, or social security benefits.

Wage Rate

The standard amount of compensation given for the performance of specific services, typically expressed per hour, day, or other periods of work time.

Budget Equation

An equation that represents the relationship between income, savings, and expenses.

Leisure

Time that an individual can spend at their discretion rather than working, often used in economic models to discuss trade-offs between work and free time.