Cost systems using detailed estimates of each element of manufacturing cost entering into the finished product are called standard cost systems
Indicate whether the statement is true or false
True
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When an organization operates several businesses to spread the risk, such as a landscaping company that offers not only landscaping services but also lawn care, snow removal, and other services, that business is utilizing a ____ strategy.
A. diversity B. diversification C. focused-differentiation D. differentiation E. multiservice
A cost object is anything for which management wants to collect or accumulate costs
Indicate whether the statement is true or false
What is the period of copyright protection provided for individuals under the Copyright Term Extension Act of 1998?
A. Individuals are granted 20 years of copyright protection, after which it has to be renewed for a fee. B. Individuals are granted copyright protection for their lifetime plus 70 years. C. Individuals are granted 95 years copyright protection from the year of first publication of the work. D. Individuals are granted 120 years copyright protection from the year of creation of the work.
Shale Remodeling uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits$75per hourAnnual labor hours 6,350hoursAnnual materials purchases$1,206,250 Materials purchasing, handling, and storage$241,250 Overhead for depreciation, taxes, insurance, etc.$666,750 Target profit margin for both labor and materials 25% What should Shale set as rate per hour of labor hour?
A. $200. B. $180. C. $225. D. $150. E. $250.