Hasting Inc

question 11

Multiple Choice

Hasting Inc.uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month.In January the company completed job R96V that consisted of 21, 000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job R96V shows the following costs: During the month, the actual manufacturing overhead cost incurred was $345, 030 and 15, 000 completed units from job R96V were sold.No other products were sold during the month. The cost of goods sold that would appear on the income statement for January, after adjustment for any underapplied or overapplied overhead, is closest to:

• A)$1, 071, 000
• B)$1, 094, 700
• C)$741, 270
• D)$788, 730

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Definitions:

Ego Transcendence

is achieving a sense of meaning beyond the self, as theorized by Erik Erikson in his stages of psychosocial development, especially relevant in late adulthood.

Physical Limitations

Restrictions on an individual's physical capabilities due to conditions, disabilities, or impairments.

Quantity Theory

A theory in economics that argues the amount of money in circulation in an economy is directly proportional to the price level of goods and services.

Exchange Rate

The value of one country's currency in relation to another country's currency.