If we used a confidence interval to estimate market potential, the lower and upper values could be used to create a(n):
A) correct, incorrect estimate
B) pessimistic, optimistic estimate
C) average, median estimate
D) likely, unlikely estimate
E) none of the above; confidence intervals may not be used to estimate market potential
B
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What will be an ideal response?
Gloria goes to the same bagel shop every morning because the workers there remember her name and remember her order. They always make her feel welcome
The employees of this bagel shop excel at which of the following determinants of service quality? A) reliability B) responsiveness C) assurance D) empathy E) tangibles
Jose Consulting paid $880 cash for utilities for the current month. Determine the general journal entry that Jose Consulting will make to record this transaction.
A.
| Cash | 880? | |
| Accounts Payable | 880? |
B.
| Utilities Expense | 880? | |
| Cash | 880? |
C.
| Utilities Expense | 880? | |
| Accounts Payable | 880? |
D.
| Prepaid Utilities | 880? | |
| Accounts Payable | 880? |
E.
| Cash | 880? | |
| Utilities Expense | 880? |
Beacon Novelties manufactures frisbees that it sells to other companies for customizing with their own logos. Beacon prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a frisbee is based on static budget volume of 60,000 frisbees per month:
Actual cost and production information for June 2019 follows:
a. There were no beginning or ending inventory balances. All expenditures were on account.
b. Actual production and sales were 62,000 frisbees.
c. Actual direct materials usage was 10,000 lbs. at an actual cost of $0.24 per lb.
d. Actual direct labor usage was 208,000 minutes at a total cost of $37,440.
e. Actual overhead cost was $8,000 variable and $30,000 fixed.
f. Selling and administrative costs were $130,000
Requirements
1. Compute the cost and efficiency variances for direct materials and direct labor.
2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances.