The Following Account Balances at the Beginning of January Were

question 243

Multiple Choice

The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Additional data:1) Actual manufacturing overhead for January amounted to $62,000.
2) Total direct labor cost for January was $63,000.
3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs.
4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000.
5) Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January.
6) January 31 balance in raw materials inventory was $35,000.
"7) Finished goods inventory balance on January 31 was $34,500.
What is the amount of materials purchased during January?"

• A)$123,000
• B)$158,000
• C)$ 60,000
• D)$130,000

Identify and differentiate between various types of work groups based on ethnic and cultural backgrounds.

Comprehend the importance of competence and morality norms in decision-making within work groups.

Recognize possible drawbacks and benefits of diversity within work groups.

Understand the characteristics and importance of work teams, including leadership and accountability aspects.

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Definitions:

Classical Economics

A school of thought in economics that emphasizes the role of free markets in facilitating economic development and regulating economic systems.

Keynesian Economics

An economic theory stating that government intervention through fiscal and monetary policy can mitigate the adverse effects of economic recessions and depressions.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, marked by mass unemployment, deflation, and a significant drop in demand and production.

Full Employment Output

The highest level of output an economy can achieve without causing inflation, when labor resources are fully employed.