Manufacturing costs flow from Work-in-Process Inventory to Cost of Goods Sold to Finished Goods Inventory
Indicate whether the statement is true or false
FALSE .Manufacturing costs flow from Raw Materials Inventory to Work-in-Process Inventory to Finished Goods Inventory.
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Herman manages a production facility that makes furniture. He asked Missy, a shift supervisor, to reach a goal of producing less than 2 percent scrap during the past month, instead of the 9 percent usually produced on her shift. This goal seemed impossible since the industry averages 10 percent scrap, and the best month ever at Herman's facility still produced 5 percent scrap. Missy's shift did not reach the goal, producing 6 percent scrap during the month. How should Herman respond?
A. He should require Missy to work unpaid overtime to cover the excess scrap produced on her shift. B. He should fire Missy for falling short of an official goal, no matter how unrealistic it was. C. He should give Missy a chance to cut scrap to one percent next month or face consequences. D. He should tell Missy it is all right because goals do not really mean anything. E. He should avoid punishing Missy for missing the goal and recognize that she still had an exceptional month.
Which of the following statements is false?
A. Under variable costing, the income statement is prepared using a contribution margin approach. B. Under variable costing, an increase in production increases the amount of profit reported on the income statement, even if the additional units are not sold. C. Under variable costing, fixed manufacturing costs are expensed in the period incurred. D. Variable costing is not allowed for external financial reporting, but many companies find it useful for internal managerial reports.
The maximum amount per year of dependent care expenses that can be used for calculating the credit for child and dependent care expenses is $3,000 for one qualifying individual.
Answer the following statement true (T) or false (F)
Utilizing the rules-based principle to resolve an ethical dilemma necessitates considering which decision would provide the greatest good for the greatest number of people.
Answer the following statement true (T) or false (F)