Fluegge Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateDirect materials 5.7 liters$5.40per literDirect labor 0.70hours$20.60per hourVariable manufacturing overhead 0.70hours$5.50per hourThe company has reported the following actual results for the product for December: Actual output 4,100unitsRaw materials purchased 25,100litersActual price of raw materials$4.80per literActual cost of raw materials purchased$120,480 Raw materials used in production 23,360litersActual direct labor-hours 2,700hoursActual direct labor rate$21.20per hourActual direct labor
cost$57,240 Actual variable overhead rate$5.90per hourActual variable overhead cost$15,930 The labor rate variance for the month is closest to:
A. $1,620 F
B. $1,620 U
C. $1,722 F
D. $1,722 U
Answer: B
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A cash collection from a customer pertaining to a sale from the prior year will result in cash flow being reported in this year's statement of cash flows.
Answer the following statement true (T) or false (F)
On January 1, a company purchased machinery for $75,000 that had a 6-year useful life and a salvage value of $6,000. After three years of straight-line depreciation, the company paid $8,500 cash at the beginning of the year to improve the efficiency of the machinery. The productivity of the machinery was improved without increasing its remaining useful life or changing its salvage value. Straight-line depreciation is used throughout the machinery's life.1. Prepare the journal entry to record the $8,500 expenditure.2. Prepare the journal entry to record depreciation expense for the fourth year.
What will be an ideal response?
The Landrum-Griffin Act (1959)
A. provided funds for troops to put down labor strikes. B. was designed to curb abuses by labor union leaders. C. permitted workers to reject a union as their representative. D. allowed employers to fire workers who favored labor unions. E. defined unfair labor practices by unions.
Which of the following statements would least likely be found in a corporate credo?
A. Support community organizations and projects. B. Provide secure and stable employment for employees. C. Maximize financial benefits for stakeholders as the primary goal of the organization. D. Establish an environment that enhances professional growth.