Solve the Problem A)$36,56304
B)$36,363

question 181

Multiple Choice

Solve the problem.
-The following information on Company X appears in a stock table. Find the amount received by the seller of 1130 shares of Company X at the day's closing price. Deduct sales expenses which consist of the broker's commission and SEC fee. Assume that the
Transaction is automated and that the discount broker's commissions are as follows: $$\begin{array} { l | l } \text { Number of Shares } & \text { Commission } \\\hline \text { Up to } 1000 & \$ 29.95 \\\text { More than } 1000 & 3 \text { cents per share }\end{array}$$

• A)$36,563.04
• B)$36,363.40
• C)$36,367.35
• D)$36,366.25

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Definitions:

Process Costing System

An accounting system used to accumulate costs in industries where production is continuous and units are indistinguishable from one another.

Conversion Costs

Costs required to convert raw material into finished goods, primarily comprising labor and overhead expenses.

Cost Reconciliation Report

A summary that explains the differences or changes between the planned or standard costs and the actual incurred costs.

Work In Process Inventory

Work in process inventory includes items that are in the production process but not yet completed or ready for sale.