The Following Data Have Been Recorded for Recently Completed Job

question 83

Multiple Choice

The following data have been recorded for recently completed Job 674 on its job cost sheet.Direct materials cost was $2,039.A total of 32 direct labor-hours and 175 machine-hours were worked on the job.The direct labor wage rate is $14 per labor-hour.The company applies manufacturing overhead on the basis of machine-hours.The predetermined overhead rate is $15 per machine-hour.The total cost for the job on its job cost sheet would be:

• A)$2,967
• B)$2,487
• C)$2,068
• D)$5,112

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Definitions:

Competitive Industry

A market characterized by a large number of firms competing against each other, leading to product diversity, innovation, and fair prices for consumers.

Market Demand

represents the total demand for a product or service within a market, determined by consumers' willingness and ability to buy at various prices.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.

Perfectly Competitive

Describes a market structure where numerous small firms compete against each other, and products are considered perfect substitutes.