What are the two broad categories of market metrics?
A) process metrics and product metrics
B) forward-looking metrics and backward-looking metrics
C) marketing profitability metrics and customer metrics
D) customer metrics and competitiveness metrics
E) revenue metrics and cost metrics
B
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Identify and discuss the purpose of the three principal organizations designed to facilitate international trade.
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Given the following errors, identify the one by itself that will cause the trial balance to be out of balance.
A. A $75 cash receipt from a customer in payment of her account posted as a $75 debit to Cash and a $75 credit to Cash. B. A $50 cash purchase of office supplies posted as a $50 debit to Office Equipment and a $50 credit to Cash. C. An $800 prepayment from a customer for services to be rendered in the future was posted as an $800 debit to Unearned Revenue and an $800 credit to Cash. D. A $100 cash receipt from a customer in payment of her account posted as a $100 debit to Cash and a $10 credit to Accounts Receivable. E. A $200 cash salary payment posted as a $200 debit to Cash and a $200 credit to Salaries Expense.
Harwell, Inc. uses a traditional volume-based costing system in which direct labor hours are the allocation base. Harwell produces two different products: Product A, which uses 40,000 direct labor hours, and Product B, which uses 60,000 direct labor hours. Harwell is considering switching to an ABC system by splitting its manufacturing overhead cost of $400,000 across three activities: Setup, Production, and Finishing. Under the traditional volume-based costing system, the predetermined overhead rate is $4.00/direct labor hour. Under the ABC system, the cost of each activity and proportion of the activity drivers used by each product are as follows: Total CostProportion used by Product AProportion used by Product BDesign (Engineering Hours)$50,00030%70%Production (Direct Labor
Hours)$300,00040%60%Inspection (Batches)$50,00020%80%Required:a. Calculate the indirect manufacturing costs assigned to Product A under the traditional costing system.b. Calculate the indirect manufacturing costs assigned to Product B under the traditional costing system.c. Calculate the indirect manufacturing costs assigned to Product A under the ABC system.d. Calculate the indirect manufacturing costs assigned to Product B under the ABC system.e. Which product is under-costed and which is over-costed under the volume-based cost system compared to ABC? What will be an ideal response?
Spencer Company has budgeted sales for the upcoming months as follows: February$600,000March$615,000April$645,000May$670,000Seventy percent of the sales are credit sales, the remainder are made in cash. Credit sales are collected 40% in the month of sale, 50% in the month following the sale, and 10% in the second month following the sale.a. Compute Spencer's cash receipts for April.b. Compute Spencer's cash receipts for May.c. Compute the accounts receivable balance for May 31.
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