Worldwide, labor tends to be
A. well-trained.
B. immobile.
C. unreliable.
D. mobile.
Answer: D
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Giles Inc Giles Inc manufactures high quality golfing equipment. Giles assigns overhead to products based on machine hours. At the beginning of the current year, estimated overhead costs were $500,000 and estimated machine hours were 50,000. During the year, 54,000 machine hours were actually used. By the end of the year, actual overhead costs were calculated to be $529,200. Refer to the Giles
Inc information above. By how much was overhead over- or underapplied for the year? A) $39,200 underapplied B) $29,200 underapplied C) $10,800 overapplied D) $42,336 overapplied
Whitlatch Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: ?Total machine-hours60,000?Total fixed manufacturing overhead cost$342,000?Variable manufacturing overhead per machine-hour$2.70Recently Job M238 was completed with the following characteristics:?Number of units in the job70?Total machine-hours140?Direct materials$945?Direct labor cost$2,800Required:Calculate the total job cost for Job M238.
What will be an ideal response?
When a firm's expenses are greater than its sales revenue, the firm has a
A. profit. B. loss. C. negative cash flow. D. recession. E. depression.
Chad has offered to take Miles into his accounting firm as a partner upon payment of $5,000 cash. In response, Miles says, "I'll give you $3,000 cash now and I will pay you the remainder in two months after I see whether things are working out as a partnership." In this case:
A) Miles has made a counteroffer; hence there is no contract. B) Miles has rejected the terms of the original offer, but there is still a contract. C) Chad is a merchant making a firm offer under Article 2 of the UCC. Hence there is a contract. D) any indefinite provisions in the contract between Chad and Miles will be supplied by Article 2 of the UCC.