More established ventures will use a sales forecast model where the estimation of current sales will increase a certain percentage over the prior period's sales. This percentage is based upon
a. newly established sales only.
b. an inventory analysis.
c. a trend line analysis.
d. past experience.
ANSWER: c
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A. Timing of audit procedures. B. Selected audit techniques. C. Cost-benefit of gathering evidence. D. Management assertions.
The number of shares sold or distributed to stockholder are_______________
Fill in the blank(s) with correct word
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Miguez Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials 2.3liters$7.00per liter$16.10 Direct labor 0.7hours$22.00per hour$15.40 Variable overhead 0.7hours$2.00per hour$1.40 The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour.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 September is: A. $140 U B. $140 F C. $133 U D. $133 F