Lewis Incuses a Job-Order Costing System in Which Any Underapplied or or Overapplied

question 39

Multiple Choice

Lewis 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 October the company completed job P70C that consisted of 25,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job P70C shows the following costs: During the month,the actual manufacturing overhead cost incurred was $334,500 and 13,000 completed units from job P70C were sold.No other products were sold during the month.
-The unit product cost for job P70C is closest to:

• A)$41.20
• B)$104.96
• C)$55.00
• D)$105.77

Determine the equilibrium market output, firm output, and profit or loss in a competitive market.

Analyze the effects of external factors such as taxes on supply and market dynamics.

Understand the structure and function of chemical synapses.

Describe the process and significance of action potentials.

---

Definitions:

Internal Failure Costs

Costs incurred to correct products or services before they are delivered to the customer as part of quality control processes.

Prevention Cost

The cost incurred to prevent defects in products or services, including costs related to quality planning and assurance.

Quality Cost Report

A financial report that quantifies the total cost of quality-related activities, including prevention, appraisal, and failure costs.

Quality Improvement

The process of making changes to operations to increase the efficiency and effectiveness of products, services, and processes.