IDEF1X category entities are mutually exclusive within a cluster
Indicate whether the statement is true or false
TRUE
You might also like to view...
Riley Company has a credit balance of $44,000 in its Allowance to Adjust Long-Term Investments to Market account at the end of the year, before adjustment. Its investment portfolio has a total cost of $300,000 and a market value of $264,000 at December 31, a balance sheet date. The year-end adjustment entry that would be recorded in the books of Riley Company is:
A) Long-Term Investments 8,000 Realized Gain on Long-Term Investments 8,000 B) Allowance to Adjust Long-Term Investments to Market 8,000 Unrealized Loss on Long-Term Investments 8,000 C) Unrealized Loss on Long-Term Investments 8,000 Allowance to Adjust Long-Term Investments to Market 8,000 D) Long-Term Investments 8,000 Allowance to Adjust Long-Term Investments to Market 8,000
As a business person, in what ways may you find yourself involved with statistics?
Garza Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: CastingCustomizingMachine-hours 20,000 13,000Direct labor-hours 1,000 7,000Total fixed manufacturing overhead cost$152,000$68,600Variable manufacturing overhead per machine-hour$2.10 Variable manufacturing overhead per direct labor-hour $4.30The predetermined overhead rate for the Casting Department is closest to:
A. $2.10 per machine-hour B. $27.71 per machine-hour C. $7.60 per machine-hour D. $9.70 per machine-hour
Al-Shabad Company produces a single product. The company has set the following standards for materials and labor: Standard quantity or hours per unit Standard price or rateDirect materials ?pounds per unit $?per poundDirect labor 3.0hours per unit $10per hourDuring the past month, the company purchased 7,000 pounds of direct materials at a cost of $17,500. All of this material was used in the production of 1,300 units of product. Direct labor cost totaled $36,750 for the month. The following variances have been computed: Materials quantity variance$1,375UTotal materials variance$375FLabor efficiency variance$4,000FRequired:1. For direct materials:a. Compute the standard price per pound of materials.b. Compute the standard quantity allowed for materials for the month's
production.c. Compute the standard quantity of materials allowed per unit of product.2. For direct labor:a. Compute the actual direct labor cost per hour for the month.b. Compute the labor rate variance. What will be an ideal response?