Needham Company Uses a Job Order Cost System A)$6,800
B)$5,880
C)$1,280
D)$14,720

question 75

Multiple Choice

Needham Company uses a job order cost system. During the month of September, the company worked on three jobs. The job order cost sheets for the three jobs contained the following information at the end of September: The company applies overhead at 120% of direct labor cost.If Job B was sold for $16,000, what was the amount of gross margin for this job? (Ignore any consideration of underapplied or overapplied overhead.) $$\begin{array} { | l | r | r | r | } \hline & { \text { Job A } } & { \text { Job B } } & { \text { Job C } } \\\hline \text { Beginning Balances } & \$ 4,000 & \$ 3,000 & \$ 6,000 \\\hline \text { Direct Materials } & 1,000 & 1,600 & 2,000 \\\hline \text { Direct Labor } & 2,400 & 4,600 & 1,800 \\\hline\end{array}$$

• A)$6,800
• B)$5,880
• C)$1,280
• D)$14,720

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The process of creating visual representations in the mind, akin to visualizing scenarios or objects not currently present.

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The practice of repeatedly going over material or skills in order to learn or perfect them.

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The process by which information is transformed into a format that can be stored in memory.

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The process by which information is encoded, stored, and retrieved in the brain, allowing for recall and use of past experiences.