A cost can be classified as either ________ or ________based how it changes, in total, with changes in the volume of activity.
What will be an ideal response?
fixed; variable
answers may appear in any order
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An understatement of ending inventory in a period will result in an understatement of gross margin in the next period
Indicate whether the statement is true or false
The concept of the value chain was created by ________.
A. Michael Porter B. Jim Collins C. Fred Wiserma D. Peter Drucker E. David Hunger
If a hypothesis is not rejected at the 0.10 level of significance, it:
a. must be rejected at the 0.05 level. b. may be rejected at the 0.05 level. c. will not be rejected at the 0.05 level. d. must be rejected at the 0.025 level.
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,800 hours and the total estimated manufacturing overhead was $497,040. At the end of the year, actual direct labor-hours for the year were 21,500 hours and the actual manufacturing overhead for the year was $492,040. Overhead at the end of the year was: (Round your intermediate calculations to 2 decimal places.)
A. $1,840 underapplied B. $6,840 underapplied C. $6,840 overapplied D. $1,840 overapplied