Answer the Following Question(s)using the Information Below

question 87

Multiple Choice

Answer the following question(s) using the information below.A law office employs full-time attorneys and five paraprofessionals.For the current year indirect costs were budgeted at $225,000, but actually amounted to $350,000.Direct and indirect costs are applied on a professional labour-hour basis which includes both attorney and paraprofessional hours.Total budgeted labour-hours were 25,000; however, actual labour-hours were 30,000.
-What is the overhead applied to jobs if the law office uses normal costing?

• A)$225,000
• B)$350,000
• C)$291,667
• D)$270,000
• E)$420,000

Calculate or estimate the supply curve equation from given data or scenarios.

Predict the effects of market events on supply, demand, and equilibrium, including the impact of taxes and subsidies.

Understand the role of technology in shifting the supply curve and influencing production costs.

Distinguish between movements along the supply curve and shifts of the supply curve.

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Definitions:

Internal Rate Of Return

A financial metric used to estimate the profitability of potential investments, calculated as the rate of return that makes the net present value of all cash flows from a particular project equal to zero.

Net Present Value

A method used in capital budgeting to assess the profitability of an investment, calculated by subtracting the projected cash outflows from the present value of cash inflows.

Opportunity Cost

The cost of foregoing the second-best option when making a decision, representing the benefits that could have been received by taking a different action.

Make-Or-Buy Decision

A decision-making process used by businesses to determine whether to produce goods in-house or purchase them from an external supplier.