Assume that SQ = Standard Quantity, SP = Standard Price, AQ = Actual Quantity, and AP = Actual Price. The correct entry along with the equation to record the issuance and usage of materials, assuming a favorable materials usage variance, is as follows
A) Work in Process SQ x SPMaterials Usage Variance (AQ-SQ)SPMaterials AQ x SP
B) Work in Process SQ x SPMaterials Usage Variance (AQ-SQ)SPMaterials AQ x SP
C) Work in Process AQ x APMaterials Usage Variance (AQ-SQ)SPMaterials AQ x SP
D) Work in Process AQ x APMaterials Usage Variance (AQ-SQ)SPMaterials AQ x SP
E) None of these.
A
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Fuson Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit$118Budgeted unit sales (all on credit): October 9,600November 10,100December 13,700January 11,300? Raw materials requirement per unit of output 3poundsRaw materials cost$4.00per poundDirect labor requirement per unit of output 2.7direct labor-hoursDirect labor wage rate$23.00per direct labor-hourPredetermined overhead rate (all variable)$12.00per direct labor-hour?Credit sales are collected: 30% in the month of the sale 70% in the following month?Raw materials purchases are paid: 30% in the month of purchase 70% in the following month?The ending finished goods inventory
should equal 10% of the following month's sales. The ending raw materials inventory should equal 10% of the following month's raw materials production needs.?The budgeted accounts receivable balance at the end of November is closest to: A. $795,000 B. $357,540 C. $834,260 D. $1,191,800
The entry to record the return of merchandise from a customer on which sales tax was charged includes
A. a debit to Accounts Receivable. B. a credit to Sales Returns and Allowances. C. a debit to Sales Tax Payable. D. a credit to Sales Tax Payable.
Suppose that Lenny Lawyer enters into an agreement with Cindy Client that his fee will be a percentage of the recovery Lenny obtains for Cindy in her pending divorce. State law makes such a contingency fee arrangement illegal in divorce actions. What will be the probable outcome if Lenny attempts to enforce the agreement?
A. The contract will be valid. Cindy would not have been able to afford an attorney otherwise and therefore Lenny was doing a public service. B. The contract will be voidable at Cindy's option. C. The contract will be void as violating a statute. Lenny will not be able to recover anything. D. The contract will be unenforceable if Lenny did not get the agreement in writing.
Briefly explain how assessment centers work, and list a few of their uses.
What will be an ideal response?