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The Following Data Have Been Recorded for Recently Completed Job

question 375

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The following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $3,044. A total of 46 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $15 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour. The total cost for the job on its job cost sheet would be:

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Definitions:

Creditors

Individuals, businesses, or other entities that are owed money because they have provided goods, services, or loans to another entity.

Stockholders' Equity

The residual interest in the assets of a company after deducting liabilities, represented by the shareholders' investment and retained earnings.

Bond Offering

The process of issuing bonds to investors as a way of raising capital, where the issuer owes the holders a debt.

Indenture

A legal document that describes all the details of a debt security to potential buyers.

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