Altima Company Finished Job A40 on the Last Working Day

question 80

Multiple Choice

Altima Company finished Job A40 on the last working day of the year. It utilized $400 of direct materials and $3,600 of direct labor. Altima uses a predetermined overhead allocation rate based on percentage of direct labor costs which has been fixed at 40%. The entry to record the completion of the job should involve a:

• A)debit to Finished Goods Inventory $5,440 and a credit to Materials Inventory $5,440.
• B)debit to Cost of Goods Sold $5,440 and a credit to Finished Goods Inventory $5,440.
• C)debit to Finished Goods Inventory $5,440 and a credit to Work-in-Process Inventory $5,440.
• D)debit to Work-in-Process Inventory $5,440 and a credit to Finished Goods Inventory $5,440.

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Definitions:

Borda Count

A voting system used to rank candidates in which voters rank options, and rankings are then converted into scores to determine the winner.

Arrow's Impossibility Theorem

A theorem stating that no rank-order voting system can simultaneously fulfill all of a certain set of reasonable fairness criteria.

Pairwise Voting

A voting system in which choices are compared one pair at a time, with participants selecting their preference in each matchup.

Pairwise Voting

A voting system where participants compare options in pairs, and the option with the most preferences wins.