Answer the Following Questions Using the Information Below

question 34

Multiple Choice

Answer the following questions using the information below:
For 2014, Thomas Manufacturing uses machine-hours as the only overhead cost-allocation base. The estimated manufacturing overhead costs are $300,000 and estimated machine hours are 50,000. The actual manufacturing overhead costs are $420,000 and actual machine hours are 70,000.
-What is the difference between the budgeted and the actual manufacturing overhead using job costing?

• A) $0.20
• B) $0.50
• C) $1.00
• D) $1.20

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Definitions:

Industry level agreements

Negotiated arrangements between labor unions and employers or employers' associations that determine wages and working conditions at the sector or industry level.

Bargaining unit size

Bargaining unit size refers to the number of employees represented by a union or collective bargaining agent, influencing the scope and leverage in negotiations with employers.

Social partnership arrangement

is a cooperative engagement between various stakeholders, such as governments, employers, and unions, aiming to achieve economic and social objectives through consensus and collaboration.

Stability

The state of being stable, often relating to economic or social conditions that are not subject to sudden changes or volatility.