Levron Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $58,000, variable manufacturing overhead of $2.00 per machine-hour, and 20,000 machine-hours. The company has provided the following data concerning Job P978 which was recently completed:
-The unit product cost for Job P978 is closest to:
Definitions:
Liabilities
Financial obligations or debts that an entity owes to others, which are expected to be settled over time through the transfer of economic benefits.
Accumulated Depreciation
Accumulated depreciation represents the total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and put into use.
Retained Earnings
The amount of net income left over for a business after it has paid out dividends to its shareholders.
Journalizing
Journalizing is the process of recording transactions in the accounting journals as part of the double-entry bookkeeping system.
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