________ is a statement of the mental, physical, and other qualifications required of a person to do a particular job.
A. Job evaluation
B. Job forecast
C. Job specification
D. Job method
Answer: C
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In a cost-based pricing system, the markup should cover selling and administrative expenses and desired profit only
Indicate whether the statement is true or false
Sadler Enterprises The following information is from Filmore's 2012 accounting records. Sales $203,000 Beginning inventory 32,800 Purchases 125,500 Gross profit percentage 45% Refer to the information provided for Sadler Enterprises. Using the gross profit method, estimate Sadler's cost of goods sold at year-end
A) $111,650 B) $116,100 C) $91,350 D) $93,150
The risk that is limited to a particular firm is also known as _____.
A. unsystematic risk B. non-diversifiable risk C. market risk D. relevant risk E. combined risk
Kalp Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: MachiningFinishingMachine-hours 19,000 12,000Direct labor-hours 2,000 8,000Total fixed manufacturing overhead cost$136,800$69,600Variable manufacturing overhead per machine-hour$1.80 Variable manufacturing overhead per direct labor-hour $3.20During the current month the company started and finished Job K928. The following data were
recorded for this job:Job K928:MachiningFinishingMachine-hours 90 10Direct labor-hours 30 50Direct materials$775$415Direct labor cost$630$1,050The total amount of overhead applied in both departments to Job K928 is closest to: (Round your intermediate calculations to 2 decimal places.) A. $1,405 B. $2,000 C. $595 D. $810