Table 13-15 -Refer to Table 13-15

question 253

Multiple Choice

Table 13-15
$$\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Nominal Average } \\\text { Hourly Earnings }\end{array} & \text { CPI } \\\hline 2011 & \$ 10 & 100 \\\hline 2012 & 10 & 105 \\\hline 2013 & 12 & 110 \\\hline\end{array}$$
-Refer to Table 13-15.Looking at the table above,real average hourly earnings were equal to ________ in 2012.

• A)$9
• B)$9.52
• C)$10
• D)$12

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Definitions:

Closing

The process of finalizing accounts at the end of an accounting period by transferring balances to permanent accounts.

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including materials and labor.

Standard Costs

Predetermined costs to manufacture a single unit of product, serving as a benchmark for measuring performance.

IMA

Stands for the Institute of Management Accountants, a professional organization that promotes the practice of management accounting and financial management.