The Following Information Is Available at the End of May

question 43

Multiple Choice

The following information is available at the end of May: $\begin{array}{lr}\text { Balance in work in process on May 1 } & \$ 141,800 \\\text { Direct materials costs for May } & 174,500 \\\text { Direct labor costs for May } & 162,500\\\text { Overhead applied at rate of } 140 \% \text { of direct labor dollars } \end{array}$

$\text { Jobs completed during May: }$

$\begin{array}{lr}\text { Job 84 } & \$ 198,780 \\\text { Job 85 } & 102,520 \\\text { Job 86 } & 119,450 \\\text { Job 87 } & 93,150\end{array}$

$\text { Job } 88 \text { was not complete at the end of May }$

If $72,400 of materials were charged to Job 88's job cost card,how much overhead was applied to Job 88?

• A) $35,100
• B) $70,000
• C) $72,400
• D) $120,000

Recognize the valuation techniques prescribed by AASB 13.

Identify and differentiate between Level 1, 2, and 3 inputs.

Understand the principles guiding the determination of the fair value.

Know the definition of the principal market and its significance in fair value measurement.

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Definitions:

Shiatsu Massage

A form of therapeutic bodywork from Japan that uses localized pressure with fingers, thumbs, or palms in a rhythmic sequence on acupuncture meridians.

Integrative Health

A holistic approach to healthcare that combines conventional medical treatments with complementary therapies to treat the whole patient.

Complementary Modality

A treatment used in conjunction with conventional medical treatments, aiming to provide holistic care by addressing mental, physical, and spiritual health aspects.

Therapeutic Touch

A holistic approach to healing that involves the manipulation of a person's energy field to promote health and healing.