Long Industries Uses a Job-Order Costing System The Following Information Was Available for Job No

question 41

Multiple Choice

Long Industries uses a job-order costing system.The Moulding Department applies overhead based on machine hours,while the Assembly Department applies overhead based on direct labour hours.The company made the following estimates at the beginning of the current year: $\begin{array}{lcc}& \text { Moulding } & \text { Assembly } \\\text { Manufacturing overhead cost } & \$ 600,000 & \$ 400,000 \\\text { Machine hours } & 10,000 & 4,000 \\\text { Direct labour hours } & 12,000 & 16,000\end{array}$ The following information was available for Job No.7-29,which was started and completed during July:
$\begin{array}{lrr}&\text { Job No. 7-29 }\\&\text { Moulding }&\text { Assembly }\\\text { Direct materials } & \$ 3,500 & \$ 7,500 \\\text { Direct labour } & \$ 9,000 & \$ 12,500 \\\text { Direct labour hours } & 900 & 1,250 \\\text { Marhine hours } & 500 & 400\end{array}$ What is the predetermined overhead rate for the Moulding Department?

• A)$50
• B)$60
• C)$83
• D)$100

Understand the concept of market failure and its causes.

Analyze the role of externalities in causing inefficient economic outcomes.

Evaluate the impact of monopoly power on efficiency in the economy.

Recognize the role of incomplete information in leading to economic inefficiencies.

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Definitions:

Haloperidol

An antipsychotic medication commonly used to treat schizophrenia and acute psychotic states.

Tardive Dyskinesia

A disorder resulting in involuntary, repetitive body movements, often caused by long-term use of antipsychotic medication.

Antipsychotic Medications

Drugs used to treat psychiatric conditions by altering brain chemistry to improve symptoms of disorders such as schizophrenia and bipolar disorder.

Chronic Schizophrenia

A severe mental disorder characterized by long-standing symptoms such as hallucinations, delusions, disorganized behavior, and impaired social functioning.