To apply factory overhead to work in process, an entry is made
a. debiting Factory Overhead and crediting Work in Process.
b. debiting Work in Process and crediting Factory Overhead.
c. debiting Cost of Goods Sold and crediting Work in Process.
d. debiting Factory Overhead and crediting Cost of Goods Sold.
b
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List the three steps of the 3-x-3 writing process and briefly describe what occurs during each phase
Dirickson Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateDirect materials 7.6 ounces$9.40per ounceDirect labor 0.10hours$18.00per hourVariable manufacturing overhead 0.10hours$5.30per hourThe company has reported the following actual results for the product for July: Actual output 7,600unitsRaw materials purchased 63,000ouncesActual cost of raw materials purchased$541,800 Raw materials used in production 57,750ouncesActual direct labor-hours 820hoursActual direct labor cost$16,072 Actual variable overhead cost$4,592 The variable overhead efficiency variance for
the month is closest to: A. $318 U B. $336 F C. $336 U D. $318 F
Product market comparisons that focus on labor costs are likely to deserve greater weight when
A. the costs of recruiting replacements are high. B. labor costs represent a large share of total costs. C. attracting and retaining qualified employees is difficult. D. product demand is inelastic. E. the supply of labor is elastic.
Discounting free cash flows at the WACC assumes that debt is rebalanced every period to maintain a constant ratio of debt to market value of the firm.
Answer the following statement true (T) or false (F)