Which of the following describes the cost of goods manufactured?
A) the cost of the goods that were sold during the period
B) the total cost of all goods that were completed, or partially completed during the period
C) the cost of those goods that were completed during the period
D) the total costs in inventory at the end of the period
C) the cost of those goods that were completed during the period
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The distribution of cash, as the final process in winding up the affairs of a partnership, is based on the income-sharing ratio
a. True b. False Indicate whether the statement is true or false
Anchovy, Inc., a producer of frozen pizzas, began operations this year. During this year, the company produced 16,000 cases of pizza and sold 15,000. At year-end, the company reported the following income statement using absorption costing:Sales (15,000 × $48)$720,000Cost of goods sold (15,000 × $19)285,000Gross margin$435,000Selling and administrative expenses 79,000Net income$356,000Production costs per case total $19, which consists of $15.50 in variable production costs and $3.50 in fixed production costs (based on the 16,000 units produced). Eight percent of total selling and administrative expenses are variable. Compute net income under variable costing.
What will be an ideal response?
Acme, Inc., produces widgets. To manufacture a new type of widget, it took 60 hours for the first widget. Acme estimates it has a 90% learning rate. Using the logarithmic approach, calculate the time it will take to manufacture the 35th widget.
a. 34.98 hours b. 29.30 hours c. 44.55 hours d. 22.94 hours
The total span of active working time that is required to complete an activity best defines
A) schedule variance. B) duration. C) earned value. D) work variance.