According to the text, a basic rule of research is to examine secondary data first
Indicate whether the statement is true or false
TRUE
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Social classes are referred to as open aggregates of individuals because people can move into and out of them.
Answer the following statement true (T) or false (F)
Gary, Louise, and Brian, who own competing gas stations in town, happen to see each other at a restaurant one morning and have breakfast together. While talking, they decide to set their gas prices at the same amount. They have committed an illegal act only if the agreed price is unfair to consumers.
Answer the following statement true (T) or false (F)
Bernard and Leon formed a partnership on January 1 with cash contributions of $600,000 and $200,000, respectively. The partners agree to share profits and losses in the ratio of their initial capital contributions. The partnership immediately borrowed $800,000. What is Bernard's tax basis in his partnership interest?
A. $1,200,000 B. $1,400,000 C. $800,000 D. $600,000
Heroux Corporation has two manufacturing departments-Forming and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: FormingCustomizingTotalEstimated total machine-hours (MHs) 3,000 7,000 10,000Estimated total fixed manufacturing overhead cost$16,500$20,300$36,800Estimated variable manufacturing overhead cost per MH$1.70$2.50 During the most recent month, the company started and completed two jobs-Job A and Job H. There were no beginning inventories. Data concerning those two jobs follow: Job AJob HDirect materials$12,800$6,700Direct labor cost$24,300$7,800Forming machine-hours 2,000 1,000Customizing machine-hours 2,800 4,200Assume that the company uses a plantwide predetermined manufacturing overhead rate
based on machine-hours. The amount of manufacturing overhead applied to Job A is closest to: (Round your intermediate calculations to 2 decimal places.) A. $16,632 B. $11,880 C. $17,664 D. $28,512