Accrued vacation benefits are a form of estimated liability for an employer.
Answer the following statement true (T) or false (F)
True
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Seaworthy Designs manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. Seaworthy uses standard costs to prepare its flexible budget. For the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows:
Direct materials: 4 pounds per unit; $6 per pound Direct labor: 4 hours per unit; $17 per hour During the first quarter, Seaworthy produced 4000 units of this product. Actual direct materials and direct labor costs were $66,000 and $328,000, respectively. For the purpose of preparing the flexible budget, what is the total standard direct labor cost at a production volume of 4000 units? A) $68,000 B) $66,000 C) $272,000 D) $328,000
Time Unlimited makes grandfather clock kits that it sells to hobbyists who then assemble and finish the clocks. The company has the capacity to make 5,000 of the kits, and its current volume is 3,000 kits. The costs of a clock kit are: $300 for unit-level materials, $200 for unit-level labor, and $150 for an allocation of facility-level overhead. The normal selling price is $950. The Clock Builder has received a special order for 600 clock kits at a price of $600 each.Required: Should The Clock Builder accept the special order? Support your answer with appropriate computations.
What will be an ideal response?
What factor has contributed to limiting disadvantage groups for contribution and involvement in the workplace?
a. Lack of motivation b. Exclusion from circles of influence c. Lack of opportunity d. Lack of skill
Which of the following is a cost of holding inventory?
A) Workers comp B) Reordering costs C) Conversion costs D) Insurance costs