James Corporation's Controller Has Developed the Cost and Usage Data

question 50

Multiple Choice

James Corporation's controller has developed the cost and usage data listed below in preparation of standard unit cost information for the coming year.
-Using the above information provided for James Corporation,the standard unit cost for direct materials is

• A)$45.
• B)$10.
• C)$24.
• D)$33.

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Definitions:

Total Surplus

The sum of consumer and producer surplus, which measures the total benefit to society from conducting transactions in a market.

Autarky

A situation where an economy is self-sufficient and does not engage in international trade.

Trade

The exchange of goods, services, or both between two or more parties.

Producer Surplus

The difference between what producers are willing to sell a good for and the market price they actually receive, representing their net benefit.