The 2013 and 2014 Partial Balance Sheets for Ottoman Industries

question 59

Multiple Choice

The 2013 and 2014 partial balance sheets for Ottoman Industries is shown below.
Sales revenue for Ottoman was $120,000 for 2013 and $114,000 for 2014 while cost of goods sold was $82,400 for 2013 and $72,500 for 2014.
What is the average days to sell inventory for 2014?

• A) 133 days
• B) 137 days
• C) 141 days
• D) 146 days

Recognize the implications of overapplied or underapplied overhead on financial statements.

Understand how job order costing applies to service firms and the use of actual vs. applied costs.

Distinguish between appropriate and inappropriate application scenarios for job order costing in various industries.

Grasp the significance of time-related documents and their role in allocating labor costs to jobs.

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Definitions:

Financial Exploitation

The illegal or improper use of another person's resources, assets, or funds for one's own benefit.

Abusive Husbands

Men who engage in behaviors towards their spouses that can be physical, emotional, psychological, or sexual in nature, and that aim to control or hurt them.

Rationalize

The process of offering a logical or rational justification for behaviors, beliefs, or decisions that might otherwise seem unreasonable.

Minimizing Harm

Strategies or actions taken to reduce the negative impact or damage of a particular behavior, policy, or practice.