Opie Corporation Has Gathered the Following Information for the Year

question 126

Multiple Choice

Opie Corporation has gathered the following information for the year ended December 31, 20X0: $\begin{array}{ll}\text { Sales } & \$ 38,400 \\\text { Direct material s used } & 7,340 \\\text { Direct labor } & 3,040 \\\text { Fixed: } & \\\text { Factory overhead } & 2,480 \\\text { Selling expenses } & 840 \\\text { Administrative expenses } & 1,720 \\\text { Variable: } & \\\text { Factory overhead } & 12,470 \\\text { Selling expenses } & 1,580 \\\text { Administrative expenses } & 1,230\end{array}$ There were no beginning or ending inventories. The total product costs are:

• A) $10,380
• B) $15,510
• C) $30,700
• D) $25,330

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Definitions:

Remaining Firms

Businesses that continue to operate in a market after others have exited, often due to competitive advantages or niches.

Invisible Hand

A metaphor introduced by Adam Smith to describe how individual self-interest in a free-market economy leads to economic well-being and efficiency as if by an invisible hand guiding them.

Private Interests

Interests or goals that are pursued by individuals or entities for their personal or organizational benefit, rather than for the public good.

Social Interests

The collective welfare or well-being of a community or society as a whole.