How are symbols abstract? Give an example.
What will be an ideal response?
Symbols are abstract in the sense that they represent an object or idea without being physically similar to the object or idea. Freedom, for example, is a word that means different things to different people depending on their standpoints and frames of reference.
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In the EOQ model, if quantity discounts are offered, buying a larger quantity just because of the lower per-unit purchase price ______.
A. might not result in the minimum total annual cost because the holding costs are likely to increase B. will result in the minimum total annual cost C. might not result in the minimum total annual cost because the ordering costs are likely to increase D. will result in the highest total annual cost
A company is setting its direct materials and direct labor standards for its leading product
Direct materials cost from the supplier are $9 per square foot, net of purchase discount. Freight-in amounts to $0.40 per square foot. Basic wages of the assembly line personnel are $14 per hour. Payroll taxes are approximately 21% of wages. Benefits amount to $2 per hour. How much is the direct materials cost standard per square foot? A) $9.40 B) $9.00 C) $16.00 D) $25.00
Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.1kilos$6.00per kilo$18.60Direct labor0.90hours$22.00per hour 19.80Fixed manufacturing overhead0.90hours$9.50per hour 8.55Total standard cost per unit $46.95During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour.Assume that all transactions
are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)?1/1$1,090,000$53,940$0$79,815$600,000=?Materials Price VarianceMaterials Quantity VarianceLabor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$0$0$1,823,755When the direct labor cost is recorded in transaction (c) above, which of the following entries will be made? A. ($8,800) in the Labor Efficiency Variance column B. ($8,800) in the Labor Rate Variance column C. $8,800 in the Labor Efficiency Variance column D. $8,800 in the Labor Rate Variance column
If the coefficient of correlation is 0.4, the percentage of variation in the dependent variable explained by the variation in the independent variable
a. is 40% b. is 16%. c. is 4% d. can be any positive value