An indirect cost rate is the percentage of a project's indirect costs to its direct costs and is a standardized method of charging individual projects for their share of indirect costs
Indicate whether the statement is true or false
TRUE
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Common allocation bases are
A. direct labor dollars, direct labor hours, and direct material dollars B. direct labor dollars, direct labor hours, and machine hours C. direct labor dollars, direct labor hours, and machine dollars D. machine dollars, direct labor dollars, and direct labor hours
Which of the following represents the types of data commonly found in the operations management department?
A. Production data B. Payroll data C. Monetary data D. Employee data
Variable budget is another name for a flexible budget.
Answer the following statement true (T) or false (F)
The following data are available for a company's manufacturing activities: Beginning Work in Process inventory5,000units75% completed as to conversionUnits started and completed15,000 Ending Work in Process inventory6,000units50% completed as to conversionIf materials are added when the production process begins and conversion costs are applied uniformly throughout the process, what are the equivalent units for direct materials and for conversion, respectively using the FIFO method of process costing?
A. 19,250 materials; 18,750 conversion. B. 21,000 materials; 22,250 conversion. C. 16,250 materials; 19,250 conversion. D. 16,250 materials; 21,750 conversion. E. 21,000 materials; 19,250 conversion.