Based on the Information in the Table, How Many People

question 81

Multiple Choice

Based on the information in the table, how many people are out of the labor force?  
$$\begin{array} { | l | r } \hline \text { Population } 16 \text { and older } & 1,000,000 \\\hline \text { Participation Rate } & 80 \% \\\hline \text { Errployed Workers } & 720,000 \\\hline\end{array}$$

• A)144,000
• B)200,000
• C)280,000
• D)576,000

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Definitions:

Underapplied Manufacturing Overhead

Occurs when the allocated manufacturing overhead costs are less than the actual overhead costs incurred.

Work in Process

Inventory representing partially completed goods, which includes labor, material, and overhead costs incurred so far.

Journal Entry

A record in accounting that notes a specific financial transaction in the ledgers of a business.

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate estimated manufacturing overhead costs to products on the basis of a chosen activity base.