Needham Company Uses a Job Order Cost System The Company Applies Overhead at 120% of Direct Labor Cost

question 40

Multiple Choice

Needham Company uses a job order cost system.During the month of September,the company worked on three jobs.The job order cost sheets for the three jobs contained the following information at the end of September: $\begin{array}{|l|r|r|r|}\hline & {\text { Job A }} & {\text { Job B }} &{\text { Job C }} \\\hline \text { Beginning Balances } & \$ 4,000 & \$ 3,000 & \$ 6,000 \\\hline \text { Direct Materials } & 1,000 & 1,600 & 2,000 \\\hline \text { Direct Labor } & 2,400 & 4,600 & 1,800 \\\hline\end{array}$ The company applies overhead at 120% of direct labor cost. The total cost of Job A at the end of September was:

• A) $6,280.
• B) $10,280.
• C) $16,280.
• D) $11,720.

Understand the concept of economic profits in a perfectly competitive industry and their implications for firm behavior.

Analyze the impact of market demand changes on prices and output in the short and long run.

Explain the significance of entry and exit of firms in a perfectly competitive market and its effect on long-run equilibrium.

Identify the conditions for long-run equilibrium in a perfectly competitive market.

---

Definitions:

Competitive Orientation

A mindset that focuses on winning and being better than others, often emphasizing comparisons and contests.

Shared Leadership

A leadership approach where the roles and responsibilities are distributed among members of a group or organization rather than centralized in a single leader.

Internal Understanding

A personal insight or comprehension of one's thoughts, emotions, and motivations.

Altruism

The belief in or practice of disinterested and selfless concern for the well-being of others.