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

question 8

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 selling price of Job 536?

• A)$790
• B)$970
• C)$1,185
• D)$1,455

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Definitions:

Cyclically Unemployed

Individuals who have lost their jobs due to downturns in the business cycle or economic recessions, as opposed to structural factors.

Price Index

An index number that shows how the weighted average price of a market basket of goods changes through time.

Market Basket

A selected set of goods and services used to track changes in prices and inflation over time.

Rate of Inflation

The percentage increase in the general price level of goods and services in an economy over a period of time, typically measured annually.