Managerial accounting provides useful information to managers on product costs
Indicate whether the statement is true or false
True
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Which of the following is a step in the formulation of the total compensation strategy that deals with employee or union needs?
A. reassessing the fit B. mapping a total compensation strategy C. implementing cultural and regulatory changes D. assessing total compensation implications E. implementing strategy
On January 1, Alistair Manufacturing had a beginning balance in Work-in-Process Inventory of $164,000 and a beginning balance in Finished Goods Inventory of $25,000
During the year, Alistair incurred manufacturing costs of $202,000. During the year, the following transactions occurred: Job C-62 was completed for a total cost of $140,000 and was sold for $157,000. Job C-63 was completed for a total cost of $181,000 and was sold for $212,000. Job C-64 was completed for a total cost $82,000 but was not sold as of year-end. The Manufacturing Overhead account had an unadjusted credit balance of $24,000 and was adjusted to zero at year-end. What was the amount of gross profit reported by Alistair at the end of the year? A) $48,000 B) $72,000 C) $17,000 D) $31,000
What happens when homeowners owe more to subcontractors than the total price they were to pay the general contractor because the general contractor has not paid the subcontractors and the general contractor is no longer solvent?
A) Homeowners are always exempt from paying more than they owed the general contractor B) The homeowners must pay the full amount due to all subcontractors C) The homeowners cannot be liened by the subcontractors D) Courts and states have differing standards of equity applied in resolving these issues
You have run a capacity resource profile on your shop. Products have been routed sequentially through resources A, B, C, and D. The capacity resource profile tells you that resource A is scheduled at 95 percent of capacity, resource B at 80 percent of capacity, resource C at 130 percent of capacity, and resource D at 100 percent of capacity. Assuming that the data we used to calculate the capacity resource profile are accurate, how would you employ the "drum, buffer, rope" thinking?
What will be an ideal response?