If a company did not extend credit to customers:
A. gross profit would increase.
B. gross revenue would increase.
C. costs would increase but so would sales revenue.
D. costs would decrease but so would sales revenue.
Answer: D
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Unfavorable variances are represented by debit balances in the overhead account
Indicate whether the statement is true or false
During the period, labor costs incurred on account amounted to $250,000 including $200,000 for production orders and $50,000 for general factory use. In addition, factory overhead charged to production was $23,000. From the following, select the entry to record the direct labor costs
A) Work in Process 200,000Wages Payable 200,000 B) Work in Process 250,000Wages Payable 250,000 C) Wages Payable 250,000Work in Process 250,000 D) Wages Payable 200,000Work in Process 200,000
Department G had 3,600 units, 25% completed at the beginning of the period, 15,000 units were completed during the period, 3,000 units were one-fifth completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $40,000 Costs added during period: Direct materials (10,400 at
$8 ) 83,200 Direct labor 63,000 Factory overhead 25,000 Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? A) $16,163 B) $21,432 C) $35,670 D) $20,925
A form containing a bar code is classified as a MICR form
Indicate whether the statement is true or false.