HiTech Housing Uses Job-Order Costing -Refer to the Figure

question 135

Multiple Choice

HiTech Housing uses job-order costing. At the end of the month, the following data were gathered:
HiTech Housing's selling price is cost plus 50% for each of its houses.
$\begin{array}{lrrr}\text { Job \# } & \text { Total Cost } & \text { Complete? } & \text { Sold? } \\529 & \$ 409 & \text { no } & \text { no } \\530 & \$ 513 & \text { yes } & \text { no }\\531 & \$ 115 & \text { no } & \text { no } \\532 & \$ 790 & \text { yes } & \text { yes } \\533 & \$ 650 & \text { yes } & \text { no } \\534 & \$ 540 & \text { no } & \text { no } \\535 & \$ 90 & \text { no } & \text { no } \\536 & \$ 970 & \text { yes } & \text { yes } \\537 & \$ 179 & \text { no } & \text { no } \\538 & \$ 400 & \text { no } & \text { no }\end{array}$
-Refer to the Figure.What is the total in finished goods?

• A)$1,163
• B)$1,733
• C)$1,760
• D)$2,923

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Definitions:

Conversion Costs

Conversion costs are the costs incurred to convert raw materials into finished products, including direct labor and manufacturing overhead expenses.

Conversion Costs

Costs related to turning raw materials into finished goods, typically including labor and manufacturing overhead expenses.

Materials Costs

Expenses incurred in the acquisition of raw materials used in production.

Conversion Cost

The sum of direct labor and manufacturing overhead costs, representing the expense to convert raw materials into finished products.