Emerging Dock Company Manufactures Boat Docks on an Assembly Line

question 48

Multiple Choice

Emerging Dock Company manufactures boat docks on an assembly line.Its standard costing system uses two cost categories,direct materials and conversion costs.Each product must pass through the Assembly Department and the Finishing Department.Direct materials are added at the beginning of the production process.Conversion costs are allocated evenly throughout production.
Data for the Assembly Department for May 2017 are:



Costs for May:


What is the balance in ending work-in-process inventory?

• A)$514,855
• B)$774,800
• C)$288,490
• D)$175,960

Grasp the concept of internal controls and their significance in accounting system design.

Appreciate the dynamic nature of accounting systems and their evolution in response to business needs.

Understand the basic concepts related to bonds and their interest rates.

Differentiate between various types of investments and their associated risks.

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Definitions:

Negative Punishment

Negative punishment, a concept in behavioral psychology, involves the removal of a desirable stimulus following an unwanted behavior, aiming to decrease that behavior's occurrence.

Positive Punishment

Adding an undesirable stimulus to decrease the likelihood of a behavior occurring again.

Operant Conditioning

A learning process where behavior is modified through reinforcement or punishment.

Classical Conditioning

A method of acquiring knowledge through the linkage between an external stimulus and an innate stimulus, which yields a reactive behavior.