Jack Bergman Company Uses a Job-Order Costing System and Has

question 143

Multiple Choice

Jack Bergman Company uses a job-order costing system and has the following data available: The journal entry to record the actual factory overhead costs incurred would include a ________.

• A)debit to Factory Department Overhead Control for $146,000
• B)credit to Factory Department Overhead Control for $169,000
• C)debit to Work-in-process Inventory for $146,000
• D)credit to Work-in-process Inventory for $169,000

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Definitions:

Long-Run Average Total Cost

A curve that reflects the lowest cost at which a firm can produce any given level of output in the long term, when all inputs are variable.

Short-Run Average Cost Curves

Graphs that show how the average cost of production changes as the level of output is varied in the short term.

Cost Curves

Graphical representations that show the cost of producing different quantities of a good or service.

Marginal Cost

The rise in cost from producing an extra unit of a good or service.