The materials usage variance should be calculated:
a. based on material purchased.
b. based on the amount of materials used in production.
c. based on the difference between actual and standard price per unit multiplied by the actual quantity used.
d. only when there is a negative variance involved.
e. None of the answers are correct.
b
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Use the equation presented below to answer the question that follows: Cash = CL + LTL + CS + RE – NCCA – LTA where: CL = Current liabilities LTL = Long-term liabilities CS = Common stock RE = Retained earnings NCCA = Noncash current assets LTA = Long-term assets Which of the following activities results in a cash outflow?
a. Decreases in noncash current assets (NCCA) b. Decreases in long-term assets (LTA) c. Increases in long-term liabilities (LTL) d. Decreases in retained earnings (RE)
Each year employees are sent Form ________ to summarize gross wages and tax withholdings for the year.
A. 1099 B. W-4 C. W-3 D. W-2
The true interest rate used by investors to value a bond is called the:
A. Face interest rate. B. Cash payment rate. C. Stated interest rate. D. Market interest rate.
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1May 30Raw materials$28,500? $36,000? Finished Goods$78,000? $72,000? Work in Process$16,500? $16,962? During May, $61,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 360 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7350 of direct materials cost. The Corporation incurred $42,900 of actual manufacturing overhead cost during the month and applied $41,400 in manufacturing overhead
cost.The direct materials cost in the May 1 Work in Process inventory account totaled: A. $11,100 B. $6780 C. $12,180 D. $5400