Production estimates for August are as follows: Estimated inventory (units), August 1 12,000 Desired inventory (units), August 31 9,000 Expected sales volume (units), August 75,000 For each unit produced, the direct materials requirements are as follows: Direct material A ($5 per lb.) 3 lbs. Direct material B ($18 per lb.) 1/2 lb. The number of pounds of materials A and B required for August
production is:
A) 216,000 lbs. of A; 72,000 lbs. of B
B) 216,000 lbs. of A; 36,000 lbs. of B
C) 225,000 lbs. of A; 37,500 lbs. of B
D) 234,000 lbs. of A; 39,000 lbs. of B
B
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The PCAOB Auditing Standards require the auditor to provide which of the following?
A. Reasonable assurance on both the financial statements and internal control. B. Reasonable assurance on the financial statements, absolute assurance on internal control. C. Reasonable assurance on internal control, absolute assurance on the financial statements. D. Absolute assurance on both the financial statements and internal control.
Gains and losses on the purchase and resale of treasury stock may be reflected only in
a. paid-in capital accounts. b. paid-in capital and retained earnings accounts. c. income, paid-in capital, and retaining earnings accounts. d. income and paid-in capital accounts. e. None of these answer choices is correct.
Which of the following statements concerning homeowners' insurance is false?
A) Under named perils insurance, it is the insurance company's responsibility to prove that your loss was not due to one of the named perils. B) Even under all risks insurance some perils, such has earthquakes, are excluded. C) Named perils insurance protects you only against perils that are specifically named in the policy. D) In actuality, named perils insurance provides broader coverage than all risks insurance.
An example of an opportunity cost is the wages that you could have earned but did not because you were in class
Indicate whether the statement is true or false.