Examlex
The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company:
Additional data:
1.Actual manufacturing overhead for January amounted to $62,000.
2.Total direct labor cost for January was $63,000.
3.The predetermined manufacturing overhead rate is based on direct labor cost.The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs.
4.The only job unfinished on January 31 was Job No.151,for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000.
5.Cost of direct materials placed in production during January totaled $123,000.There were no indirect material requisitions during January.
6.January 31 balance in raw materials inventory was $35,000.
7.Finished goods inventory balance on January 31 was $34,500.
What is the amount of materials purchased during January?
Ecological Fallacy
The error that arises when conclusions about individual-level behavior are drawn from aggregate-level data, assuming that group data reflect the individual behaviors within the group.
Workforce Diversity
The inclusion of individuals of different races, ethnicities, genders, ages, religions, disabilities, and sexual orientations in the workplace.
Globalization
The process of interaction and integration among people, companies, and governments worldwide, often characterized by global economic trade and cultural exchange.
Interdependence
The reliance between two or more entities or groups, often leading to collaborative or cooperative behavior.
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