The five product levels constitute a ________. At each level more customer value is added
A) product line
B) business model
C) customer value-hierarchy
D) value grid
E) demand chain
C
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Adjusting entries must be entered in the general ledger
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. A modification of the overhead allocation method which uses a single plantwide rate, is to use multiple predetermined overhead allocation rates that have a single allocation base. 2. When a manufacturer changes from using a single plantwide predetermined overhead rate to multiple predetermined overhead allocation rates, the product unit cost may be more accurate. 3. In selecting machine usage as the primary cost driver of overhead costs for the Production Department, management feels that there is a direct relationship between the number of machine hours used and the amount of overhead costs incurred. 4. Managers are able to set an accurate selling price without knowing product cost information. 5. Use of a single plantwide overhead rate assumes that there is a direct relationship between the allocation base and overhead costs in all plant activities.
A scheduling system for service organizations that use computerized systems to maximize customer satisfaction by smoothing out demand for their services in any given time is a(n) ______.
A. reservation system B. prioritization system C. appointment system D. capacity utilization system
On June 14, Sure-Fit Shoe Store sold $12,000 of merchandise that cost $8,000 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 3% fee to handle such transactions. On June 18, Sure-Fit received the proceeds from the credit card company.Required:a) Prepare the entry to record the sale of the merchandise on June 1 in general journal format.b) Prepare the journal entry to record the credit card proceeds on June 18 in general journal format.
What will be an ideal response?