Benson Inc

question 117

Multiple Choice

Benson Inc.'s accounting records reflect the following inventories: During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.
How much is total manufacturing costs incurred during 2017 for Benson?

• A) $1,864,000
• B) $1,876,000
• C) $1,860,000
• D) $1,872,000

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Definitions:

Import Substitution

An economic policy that aims to replace foreign imports with domestic production, often through the use of tariffs, quotas, and other trade barriers.

Economic Growth

An increase in the production of goods and services in an economy over a period, typically measured by the rise in real GDP.

Foreign Financing

Funding sourced from foreign countries, including loans, investments, and other financial resources, to support domestic expenditures.

Developing Countries

Countries characterized by their underdeveloped economies, low-quality of life, and inferior industrial infrastructure, consistently scoring low on the Human Development Index (HDI) in comparison to other nations.