Inventory Balances for the James Enterprises in February 2011 Are

question 48

Multiple Choice

Inventory balances for the James Enterprises in February 2011 are as follows: During February, purchases of direct materials were $36,000.Direct labor and factory overhead costs were $60,000 and $84,000, respectively.
Prime costs for February were

• A) $81,000.
• B) $87,000.
• C) $96,000.
• D) $102,000.

---

Definitions:

Eligible Dividends

Dividends that are qualified for preferential tax treatment under certain tax laws.

Provincial Tax Brackets

The different rates of tax applied to various levels of income within a specific province, determining how much tax individuals owe based on their income.

Tax Difference

The discrepancy between tax calculated on accounting profit and the tax charged by the tax authorities, leading to deferred tax assets or liabilities.