Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following:Underapplied manufacturing overhead: $7,200Actual manufacturing overhead: $392,000Budgeted labor hours: 50,000Simone's actual labor hours worked totaled:
A. 49,900.
B. 50,900.
C. 48,100.
D. 49,100.
E. cannot be determined based on the information presented.
Answer: C
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Testing for goodwill impairment:
A. may result in an impairment charge defined as the difference between the goodwill reflected for the reporting unit in the consolidated balance sheet and the reporting unit's implied goodwill. B. requires computing implied goodwill, which is the amount of fair value of the reporting unit less the book value of the separately identifiable net assets of the reporting unit. C. requires both qualitative and quantitative tests. D. necessitates determining if the reporting unit itself is impaired after calculating implied goodwill.
Eintz Corp hired Jose to bribe a foreign government official into awarding a $3 million contract to Eintz. Eintz gave Jose $10,000 in cash to make the bribe payment and $2000 for Jose's efforts. Instead of paying the bribe, Jose pocketed all of the money. If Eintz sues Jose, Eintz will:
a. be able to recover the $12,000. b. be able to recover the $3 million lost on the contract. c. be able to recover the $2,000 but not the $10,000. d. not be able to recover the $12,000.
Assuming you were charged simple interest on a loan of $4,900 which requires you to repay in one year $5,292, what rate of interest would you be charged? (Round interest rate to the nearest hundredth percent if necessary.)
A) 9.26% B) 8% C) 7.41% D) 11%
State securities statutes are known as
A. going dark laws. B. blue sky laws. C. big country laws. D. sunshine laws.