The Following Information for the Past Year Is Available from Thinnews

question 2

Multiple Choice

The following information for the past year is available from Thinnews Co., a company that uses machine hours to apply standard factory overhead cost to outputs: $\begin{array}{lrr}\text { Actual total factory overhead cost incurred } & \$ 24,000 \\\text { Actual fixed overhead cost incurred } & \$ 10,000 \\\text { Budgeted fixed overhead cost } & \$ 11,000 \\\text { Actual machine hours } & 5,000 \\\text { Standard machine hours allowed for the units manufactured } & 4,800 \\\text { Denominator volume-machine hours } & 5,500 \\\text { Standard variable overhead rate per machine hour } & \$ 3.00\end{array}$ The total actual variable factory overhead cost incurred during the year, rounded to the nearest dollar, was:

• A) $13,000.
• B) $14,000.
• C) $14,100.
• D) $14,400.
• E) $15,000.

Understand the concept of marginal cost in the production of goods and services.

Describe the characteristics of a laissez-faire free-market economic system.

Explain the concept of the optimum level of resource use and its relevance.

Understand how environmental regulations can impact economic development positively.

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Definitions:

Good Works

Actions or deeds that are morally good or charitable, often emphasized in various religious contexts as evidence of faith or virtue.

Other People

Refers to individuals or groups besides oneself, often considered in the context of social relationships, societies, or as actors in social or ethical situations.

Minds

The aspect of individuals that encompasses consciousness, perception, thinking, judgment, and memory.

Bodies

Refers to the physical structure of a person or organism; can also refer to a significant or collective group, such as a body of work.