Work-in-process inventory is composed of:
A. direct labor and manufacturing overhead.
B. direct material and direct labor.
C. direct material and manufacturing overhead.
D. direct material only.
E. direct material, direct labor, and manufacturing overhead.
Answer: E
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Which of the following is an example of a type I error?
A) buying a carton of eggs at the store and discovering that one was broken B) releasing a guilty defendant C) returning your computer for warranty repair when the fault was caused by user error D) passing defective materials from a supplier into your processes to keep your workers busy
The percent of sales method provides a more detailed plan for future financing needs than the cash
budget because both pro forma income statements and balance sheets are used in the analysis. Indicate whether the statement is true or false
The proposed Rotterdam Rules differ from the Hague Rules in all of the following except:
A) the expansion of carrier liability from "door to door." B) the elimination of errors in navigation as an exception from liability C) the elimination of the requirement of written bills of lading. D) the elimination of perils of the sea as an exception from liability.
Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations:a.The budgeted selling price per unit is $110. Budgeted unit sales for January, February, March, and April are 7,500, 10,600, 12,000, and 11,700 units, respectively. All sales are on credit. b.Regarding credit sales, 30% are collected in the month of the sale and 70% in the following month. c.The ending finished goods inventory equals 30% of the following month's sales. d.The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $4.00 per pound. e.Regarding raw materials purchases, 40% are paid for in
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