Parker Corporation Has a Job-Order Costing System and Uses a Predetermined

question 61

Multiple Choice

Parker Corporation has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, manufacturing overhead and direct labor-hours for the year were estimated at $50,000 and 20,000 hours, respectively. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour. At the end of the year it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs.If Job #461 contained 100 units, the unit product cost on the completed job cost sheet would be:

• A) $61.75
• B) $62.50
• C) $63.10
• D) $55.00

Learn about the dynamics of energy demand in the short run versus the long run.

Understand the concept of "proved reserves" and how it relates to resource availability.

Appreciate the historical perspective on doomsday predictions regarding resource depletion.

Recognize the effects of market economies on resource conservation and innovation.

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Definitions:

General Intelligence Theory

A theory in psychology that suggests intelligence is a single, general ability that affects performance across a variety of tasks and cognitive tests.

Multiple Intelligences Theory

A theory proposed by Howard Gardner, suggesting that individuals possess a variety of distinct types of intelligences, such as linguistic, mathematical, musical, and spatial, rather than a single general intelligence.

Problem-Solving Strategies

Techniques or methods applied to address and overcome obstacles or challenges in order to reach a desired goal or solution.

Subgoals

Intermediate objectives or steps devised to make the process of achieving a main goal more manageable and attainable.