As Part of a Conservation Effort for a Lake, 60

question 41

Multiple Choice

As part of a conservation effort for a lake, 60 fish are caught, tagged, and then released. Later 120 fish are caught. Eight of the 120 fish are found to have tags. Estimate the number of fish in the lake. ​

• A) 1,500
• B) 35,900
• C) 900
• D) 57,600
• E) 3,900

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Definitions:

Traditional Costing

A costing method that allocates factory overhead to products based on volume-related measures, such as labor hours or machine hours.

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate estimated manufacturing overhead costs to individual units of product based on a chosen activity base.

Washing Mitt

A glove-like cleaning tool used for washing surfaces, especially in automotive detailing, made of soft fibers to avoid scratching.

Activity-Based Costing

A method of cost accounting that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each.