Michelle's Has the Following Transactions for the Month of October $\begin{array}{lr}\text { Materials } & \$ 17,890 \\\text { Work in process } & 0 \\\text { Finished goods } & 8,321\end{array}$

question 176

Multiple Choice

Michelle's has the following transactions for the month of October:
1.Purchased materials on account for $111,482.
2.Materials requisitioned for $82,383.
3.Direct labour of $51,000 was incurred (but not yet paid) .
4.Actual overhead for the month was $33,000. It has not been paid yet (charge to various payables) .
5.Overhead is applied to production at the rate of 70% of direct labour.
6.Jobs totalling $56,000 were transferred from work in process to finished goods.
7.Jobs costing $41,000 were sold.Balances at the beginning of the month were:
$\begin{array}{lr}\text { Materials } & \$ 17,890 \\\text { Work in process } & 0 \\\text { Finished goods } & 8,321\end{array}$
-Refer to the Figure.What is the ending balance in work in process?

• A)$110,383
• B)$113,083
• C)$166,383
• D)$169,083

Recognize the implications of various bond features including callability, convertibility, and security backing.

Understand the tax implications of bond interest expense.

Calculate the effective interest rate on bonds issued at a discount or premium.

Comprehend the role of market rates in determining bond values and interest payments.

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented in a bank statement to find discrepancies.

Internal Control

A system of policies and procedures implemented by an entity to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Policies and Procedures

Guidelines and processes set by an organization to ensure its operations comply with regulations and are consistent with its objectives.

NSF Check

A check that has been returned without being honored due to insufficient funds in the account it was drawn against.