To satisfy the UCC’s Statute of Frauds, a writing evidencing a sales contract need only state the price term.
Answer the following statement true (T) or false (F)
False
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Collini Corporation has two production departments, Machining and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining 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: MachiningCustomizingMachine-hours 17,000 15,000Direct labor-hours 3,000 6,000Total fixed manufacturing overhead cost$102,000$61,200Variable manufacturing overhead per machine-hour$1.70 Variable manufacturing overhead per direct labor-hour $4.10 During the current month the company started and finished Job T268. The following
data were recorded for this job: Job T268:MachiningCustomizingMachine-hours 80 30Direct labor-hours 30 50Direct materials$720$380Direct labor cost$900$1,500If the company marks up its manufacturing costs by 40% then the selling price for Job T268 would be closest to: A. $7,440.00 B. $6,763.40 C. $4,831.00 D. $1,932.40
Cleveland Choppers manufactures two types of motorcycles, a Base and a Loaded model. The following activity and costs have been gathered:ProductNumber ofComponentsNumber ofSetupsNumber ofDirect Labor HrsBase 15 20 700 Loaded 25 40 600 Overhead costs$27,000 $22,500 The number of components and number of setups are chosen as activity-cost drivers for overhead. Assuming an ABC costing system is being used, what is the total overhead cost assigned to the Base model?
A. $15,450. B. $17,625. C. $21,375. D. $13,500. E. $15,625.
An organization that has an institutionalized project management system would have no formal project priority system and would provide limited training in project management.
Answer the following statement true (T) or false (F)
Clancy's Motors has the following demand to meet for custom manufactured fuel injector parts. The holding cost for that item is $.75 per month and each setup costs $150. Lead time is 0 months
Calculate the planned order releases using: (a) the EOQ technique, and (b) the POQ technique. What are the costs of each plan, including the holding cost of any inventory left over after month 7? Month 1 2 3 4 5 6 7 Requirement 100 150 200 150 100 150 250