[The Following Information Applies to the Questions Displayed Below

question 79

Multiple Choice

[The following information applies to the questions displayed below.]
Capri Boat Corporation uses a job order cost system and applies overhead based on a percentage of direct labor cost.Cost flows through the Work in Process Inventory account during March are given below:
Only Job #007 was still in process at the end of March and this job had been charged with $40,000 in direct materials cost.
-The amount of direct materials cost charged to completed jobs during March was:

• A)$20,000.
• B)$50,000.
• C)$30,000.
• D)$40,000.

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Definitions:

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the laws across states.

Cancelling Contract

The legal act of nullifying an agreement, making it legally void and releasing all parties from their obligations under that agreement.

Remedy

in law, signifies the means by which a court of law enforces a right, imposes a penalty, or makes some other court order to impose its will in respect to a particular legal failure or injury.

Seller

An individual or entity that offers goods or services for sale to buyers in exchange for money or other compensation.