Altima,Inc

question 56

Multiple Choice

Altima,Inc.finished Job A40 on the last working day of the year.It utilized $300 of direct materials and $3,380 of direct labor.Altima uses a predetermined overhead allocation rate based on a 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 $5,032 and a credit to Materials Inventory $5,032
• B) debit to Cost of Goods Sold $5,032 and a credit to Finished Goods Inventory $5,032
• C) debit to Finished Goods Inventory $5,032 and a credit to Work-in-Process Inventory $5,032
• D) debit to Work-in-Process Inventory $5,032 and a credit to Finished Goods Inventory $5,032

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Definitions:

Query Design Grid

A tool within database software that provides a graphical interface for constructing queries by arranging tables, fields, and criteria.

Row Heading

The labels located at the beginning of rows in spreadsheet or table software, often used for identification or reference purposes.

Crosstab Query

A query type that aggregates data based on two or more fields and displays it in a tabular form, often used to create matrix reports.

Property Types

Categories or characteristics of properties in programming or real estate, specifying their data type, value range, or physical attributes.