Answer the following statements true (T) or false (F)
1. Overallocated manufacturing overhead occurs when the manufacturing overhead allocated to Work-in-Process Inventory is less than the amount actually incurred.
2. Overallocated manufacturing overhead is adjusted by debiting the Cost of Goods Sold account.
3. If the debit side of the Manufacturing Overhead account totals more than the credit side of the account, the manufacturing overhead is overallocated.
4. Job order costing is well suited for the service industry.
5. When job order costing is used in the service industry, the allocation of indirect costs is normally based on machine hours.
1. FALSE
2. FALSE
3. FALSE
4. TRUE
5. FALSE
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Indicate whether the statement is true or false
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A) Support team decisions B) Identify how individual contributions support the larger team effort C) Focus on improvements D) Focus on the commitment to the team goals E) Use collaborative writing
Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. The journal entry to record the dividend declaration is:
A. Debit Retained Earnings $4,000; credit Common Dividends Payable $4,000. B. Debit Common Dividends Payable $4,000; credit Cash $4,000. C. Debit Common Dividends Payable $4,500; credit Cash $4,500. D. Debit Retained Earnings $10,000; credit Common Dividends Payable $10,000. E. Debit Retained Earnings $4,500; credit Common Dividends Payable $4,500.
Which of the following is part of the inbound portion of a company’s supply chain?
a. retailers b. basic raw materials and components, transportation links, and warehouses c. wholesalers d. regulatory organizations and government agencies