All conversion costs are included in the direct-labor budget.
Answer the following statement true (T) or false (F)
False
Conversion costs include more than just direct labor. Conversion costs include direct labor and various kinds of production overhead.
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A pension plan that requires the employer to make annual pension contributions, with no promise to employeesregarding future pension payments, is termed
a. funded b. unfunded c. defined benefit d. defined contribution
Answer the following statements true (T) or false (F)
1. Gulf Satellite has restructured its procedures for service calls, reducing the number of steps involved so that employees can finish each call faster. Gulf has engaged in reduced cycle time. 2. Though ISO 9000 can help a company improve its processes, unfortunately this quality designation is only accepted currently by the United States. 3. According to Six Sigma, 99% perfect is the threshold for accepting defects in manufacturing and service-related products. 4. Lean Six Sigma focuses on problem solving and performance improvement.
Home Decor Company manufactures special metallic materials for luxury homes that require highly skilled labor. Home Decor uses standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows:
Direct materials: 2 pounds per unit; $3 per pound Direct labor: 4 hours per unit; $14 per hour Home Decor produced 5000 units during the quarter. At the end of the quarter, an examination of the labor costs records showed that the company used 30,000 direct labor hours and actual total direct labor costs were $375,000. What is the direct labor cost variance? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) $45,000 Favorable B) $280,000 Favorable C) $280,000 Unfavorable D) $45,000 Unfavorable
The four fundamental survey methods used to obtain data in marketing research are telephone surveys, mail surveys, online surveys, and personal interviews.
Answer the following statement true (T) or false (F)