Last Year Quest Company Incurred the Following Costs:
Quest Produced

question 101

Multiple Choice

Last year Quest Company incurred the following costs:
Quest produced and sold 2,000 units at a sales price of $125 each. Assume that beginning and ending inventories of materials, work in process, and finished goods were 0.
$$\begin{array} { l r } \text { Direct materials } & \$ 40,000 \\\text { Direct labour } & 60,000 \\\text { Overhead } & 90,000 \\\text { Selling expenses } & 24,000 \\\text { Administrative expenses } & 22,000\end{array}$$
-Refer to the Figure.What were the total product costs?

• A)$100,000
• B)$150,000
• C)$190,000
• D)$236,000

Identify the effects of globalization on production and labor markets.

Explain the function and importance of the Third Sector in the economy.

Comprehend the concepts of capitalism, socialism, and political systems in a global context.

Recognize forms of individual and collective resistance in the workplace.

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Definitions:

Insurance Company

A business entity that provides financial protection and compensation for losses in exchange for payment of premiums.

Premium

The amount paid for an insurance policy or the charge for accepting a higher risk in financial transactions.

Business Interruption Insurance

An insurance that provides coverage for revenue lost due to a temporary business closure caused by an insured disaster.

Policy-Holder

An individual or entity who owns an insurance policy and is entitled to coverage under that policy.