A company's normal selling price for its product is $20 per unit. However, due to market competition, the selling price has fallen to $15 per unit. This company's current inventory consists of 200 units purchased at $16 per unit. Replacement cost has fallen to $13 per unit. Calculate the value of this company's inventory at the lower of cost or market.
A. $2,700.
B. $3,200.
C. $3,000.
D. $2,600.
E. $2,550.
Answer: D
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Alyssa Corporation uses a standard cost system. Direct labor information for Product CER for the month of October is as follows: Standard rate $8.00 per hour Actual rate paid $8.30 per hour Standard hours allowed for actual production 1,400 hours Labor efficiency variance $ 800 unfavorable What are actual hours worked?
a. 1,330 b. 1,400 c. 1,500 d. 1,300
Once the FASB has established an accounting standard, the
a. standard is continually reviewed to see if modification is necessary. b. standard is not reviewed unless the SEC makes a complaint. c. task of reviewing the standard to see if modification is necessary is given to the AICPA. d. principle of consistency requires that no revisions ever be made to the standard.
Answer the following statements true (T) or false (F)
1. During and after the Great Depression, it was rare for unions to strike. 2. The rise in union membership after 1935 was due to increased legislative protections for unionization and a surge in craft unionism. 3. Industrial unions challenged the power of craft unions at a time when craft unions were struggling with jurisdictional fights and problems coordinating the efforts of various local unions. 4. The CIO formed because leaders of the AFL refused to represent the low skilled mass production workers in industries such as steel, automobiles, and textiles. 5. The National Labor Relations Act had an immediate, positive impact on employer's willingness to accept unions in the workplace and to bargain with them over the wages, hours and working conditions of their members.
An organization's mission statement describes all of the following EXCEPT
A. its morals. B. what the organization does. C. its values. D. the company's basic purpose. E. its basic good or service.