A gun manufacturer in Helena, Montana agrees to sell guns and ammunition to the ATF in Washington, D.C. The terms of the contract specify that the goods are to be shipped "FOB, Chicago." When does the buyer acquire title and risk of loss?
a. When the goods reach Chicago.
b. When the goods are delivered to the carrier in Montana.
c. When the goods are tendered in Washington D.C. by the carrier.
d. When the goods reach Washington D.C.
a
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Nielsen Corporation has two manufacturing departments--Machining and Assembly. The company used the following data at the beginning of the year to calculate predetermined overhead rates: MachiningAssemblyTotalEstimated total machine-hours (MHs) 1,000 4,000 5,000Estimated total fixed manufacturing overhead cost$4,700$10,800$15,500Estimated variable manufacturing overhead cost per MH$1.20$2.20 During the most recent month, the company started and completed two jobs--Job F and Job M. There were no beginning inventories. Data concerning those two jobs follow: Job FJob MDirect materials$13,000$7,400Direct labor cost$20,400$8,800Machining machine-hours 700 300Assembly machine-hours 1,600 2,400Assume that the company uses a plantwide predetermined manufacturing overhead rate
based on machine-hours and uses a markup of 40% on manufacturing cost to establish selling prices. The calculated selling price for Job M is closest to: A. $11,988 B. $46,154 C. $29,970 D. $41,958
Agreements formed for an illegal purpose are ____________________
Fill in the blank(s) with correct word
Scheuer Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts-equipment expense and indirect labor-to three activity cost pools-Processing, Supervising, and Other-based on resource consumption. Data to perform these allocations appear below:Overhead costs: Equipment expense$55,000Indirect labor$7,000??Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools ProcessingSupervisingOtherEquipment expense0.100.700.20Indirect labor0.500.100.40Finally, sales and direct cost data are combined with Processing and Supervising costs to determine product margins.Activity: MHs (Machining)Orders (Order Filling)Product Q!1,000700Product
S619,0001,300Total20,0002,000Finally, sales and direct cost data are combined with Processing and Supervising costs to determine product margins.Sales and Direct Cost Data: Product Q1Product S6Sales (total)$134,600$186,300Direct materials (total)$76,000$64,800Direct labor (total)$40,800$78,400What is the product margin for Product Q1 under activity-based costing? A. -$13,200 B. $3,630 C. $17,350 D. $17,800
Which of the following is(are) correct statements about the buyer of a futures contract?
I. The contract buyer is short on the position. II. The contract buyer wants the price of the item to increase. III. The buyer can liquidate the position with an offsetting transaction. IV. The majority of the buyers actually take delivery of the item. A) II only B) I and II only C) I and IV only D) II and III only