When preparing the operating activities section of the statement of cash flows using the direct method, revenues and gains with no cash inflows are added back to net income.
Answer the following statement true (T) or false (F)
False
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Wyatt Corporation has the following standard costs associated with the manufacture and sale of one of its products: Direct material $3.00 per unit Direct labor 2.50 per unit Variable manufacturing overhead 1.80 per unit Fixed manufacturing overhead 4.00 per unit (based on an estimate of 50,000 units per year) Variable selling expenses .25 per unit Fixed SG&A expense $75,000 per year During its
first year of operations Wyatt manufactured 51,000 units and sold 48,000 . The selling price per unit was $25 . All costs were equal to standard. Refer to Wyatt Corporation. Under absorption costing, the standard production cost per unit for the current year was a. $ 7.30. b. $11.30. c. $11.55. d. $13.05.
Which of the following statements would NOT be an application of the marketing concept?
A) Let's speed up production and get these products to customers faster by eliminating the field test. B) Let's show these product designs to some prospective buyers for their reactions. C) Let's examine our points of distribution to see if we're reaching the market effectively. D) Let's do some research to see which colors the consumers prefer. E) Let's ask customers which products they used most heavily.
An industrial buying practice in which two organizations agree to purchase each other's products and services is referred to as ________.
A. a tying arrangement B. reciprocity C. exclusive dealing D. a supply partnership E. noncompetitive bidding
If the buyer is willing to accept nonconforming goods:
a. the goods must only be paid for if the nonconformance does not interfere with function b. the goods need not be paid for c. the contract must be rewritten d. buyers may never accept nonconforming goods e. none of the other choices are correct