Using the Information Below for Singing Dolls, Inc A) $13,000

question 7

Multiple Choice

Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year: $$\begin{array} { l | r } \text { Work in Process, January 1 } & 50,000 \\\hline \text { Work in Process, December 31 } & 37,000 \\\hline \text { Direct materials used } & \$ 12,500 \\\hline \text { Total Factory overhead } & 5,500 \\\hline \text { Direct labor used } & 26,500\end{array}$$

• A) $13,000.
• B) $44,500.
• C) $89,000.
• D) $57,500.
• E) $94,500.

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price in a market.

Equilibrium Price

The price point in the market where the amount of products offered meets the amount of products wanted.

Demand

The level of demand for a good or service that purchasers have the desire and financial ability to acquire at varying prices over a designated period.

Supply Curve

A graph that shows the relationship between the price of a good and the quantity of the good that producers are willing to sell at various prices.