Ardvark Inc.has provided the following data for the month of November.There were no beginning inventories;consequently,the direct materials,direct labor,and manufacturing overhead applied listed below are all for the current month.
Manufacturing overhead for the month was underapplied by $6,000.The company allocates any underapplied or overapplied overhead among Work-in-Process,finished goods,and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.Required:
Determine the cost of Work-in-Process,finished goods,and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.
Definitions:
Status Quo
The existing state of affairs; in prospect theory, the current situation from which gains and losses are calculated.
Utility
A measure of satisfaction or value that consumers receive from consuming goods and services.
Endowment Effect
The tendency people have to place higher valuations on items they possess (are endowed with) than on identical items that they do not possess; perhaps caused by loss aversion.
Behavioral Economists
Economists who study how psychological, social, cognitive, and emotional factors affect the economic decisions of individuals and institutions.
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