Ragas, Inc sold goods with a selling price of $50,000 in the 2017 and estimated 5% warranty expense for the year Customers complained of defects, and goods with a cost of $1,500 had to be replaced. Which of the following is the correct journal entry for honoring the warranties with goods?
A) Estimated Warranty Payable 1,500
Cash 1,500
B) Estimated Warranty Payable 1,500
Merchandise Inventory 1,500
C) Warranty Expense 1,500
Merchandise Inventory 1,500
D) Estimated Warranty Payable 1,500
Warranty Expense 1,500
B
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Which of the following is an element of SMART goals?
A. stellar B. timeless C. ambiguous D. measurable
All of the following are true except
A) A favorable labor efficiency variance could result from using higher quality materials that result in fewer inspections. B) A favorable labor rate variance could result from lower wage workers quitting. C) A favorable materials price variance could result from purchasing identical materials from another supplier at a lower price. D) An unfavorable materials usage variance could result from not efficiently utilizing raw materials, thus causing waste. E) All of these are true.
Milar Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateDirect materials 7.7pounds$4.00per poundDirect labor 0.1hours$20.00per hourVariable overhead 0.1hours$4.00per hour?In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756.?The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.?The variable overhead efficiency variance for January is:
A. $40 U B. $36 U C. $40 F D. $36 F
CAFTA is a trade agreement for countries in
A. Asia. B. Africa. C. Central America. D. Europe. E. North America.