Summit Company Has Provided the Following Inventory Balances and Manufacturing

question 11

Multiple Choice

Summit Company has provided the following inventory balances and manufacturing cost data for the month of January:
$\begin{array}{|l|r|r|}\hline \text { Inventories: } & \text { January 1 } & \text { January 31 } \\\hline \text { Direct materials } & \$ 30,000 & \$ 40,000 \\\hline \text { Work in process } & 15,000 & 20,000 \\\hline \text { Finished goods } & 65,000 & 50,000 \\\hline\end{array}$
$\begin{array} { | l | r | } \hline & \text { Month of January } \\\hline \text { Cost of goods manufactured } & \$ 515,000 \\\hline \text { Manufacturing overhead applied } & 150,000 \\\hline \text { Direct materials used } & 190,000 \\\hline \text { Actual manufacturing overhead } & 144,000 \\\hline\end{array}$ Under Summit's job-order costing system, any over- or underapplied overhead is closed out to the Cost of Goods Sold account at the end of the calendar year (that is, December 31) .

-How much direct labour cost was incurred during January?

• A) $170,000.
• B) $175,000.
• C) $180,000.
• D) $186,000.

Define corporate social responsibility and its relevance to organizational behaviour.

Elaborate on strategies for creating a positive work environment and improving employee well-being.

Discuss the concept of work engagement and its importance to organizations.

Understand talent management and its connection to organizational behaviour.

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Definitions:

Enforceable Contract

A legal agreement that is binding and can be upheld in court due to its fulfilment of necessary legal conditions.

Contractual Conditions

Contractual conditions are specific provisions or stipulations within a contract that must be met for the contract to be legally binding or for certain actions to be taken.

Expressly Inserted

Included specifically and clearly in a contract or document.

Implied

Understood or inferred without being stated directly.