Use the Information Below to Answer the Following Question(s)

question 57

Multiple Choice

Use the information below to answer the following question(s) .
Cooper Company uses a job costing system. The company's schedule of cost of goods manufactured showed the following amounts for September.

Manufacturing overhead cost is allocated at the rate of $12 per direct labour hour. Actual manufacturing overhead costs for September amount to $22,000.
-What is the amount of work in process inventory (after any adjustment for overallocated or underallocated manufacturing overhead) on September 30 at Cooper Company?

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Definitions:

Sellers

Individuals or entities that offer products or services for sale to buyers in a marketplace.

Tax

A compulsory financial charge or other levy imposed by a government on individuals or businesses to fund various public expenditures.

Binding Price Floor

A legal minimum price for a good or service that is set above the equilibrium price, resulting in surpluses.

Binding Price Ceiling

A government-imposed limit on how high a price can be charged for a product, set below the market equilibrium price, leading to shortages.