An implied-in-fact contract is a contract in which agreement between parties has been inferred from their conduct.
Answer the following statement true (T) or false (F)
True
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All of the following would be considered private protection programs EXCEPT:
a. company-provided health care b. company-provided life insurance c. a company-provided pension plan d. worker’s compensation e. a guaranteed work program
Marginal analysis involves examining
A. what happens to a firm's costs and revenues when production is changed by one unit. B. what happens to a firm's revenues when one more product is sold. C. what happens to a firm's costs when one more unit is produced. D. the difference between marginal revenue and total revenue. E. the difference between marginal cost and total cost.
Answer the following statements true (T) or false (F)
1. In a process costing system, companies typically end each period with only Finished Goods Inventory. 2. Equivalent units of production are always the same as the total number of physical units finished during the period. 3. Equivalent units of production for direct materials and direct labor are always the same. 4. Equivalent units of production is an engineering term used to describe the process by which one company attempts to manufacture units of a product that are equivalent to the product manufactured by a competitor. 5. Conversion cost per equivalent unit is the combined costs of direct materials and factory overhead.
Pottery House orders finished goods for the business quite frequently. The business generally orders 6,500 serving sets a year at $40 per set. Carrying costs are 20% of inventory and it costs $30 to place and receive an order. How many orders should Pottery House place per year and what should the size of each order be?
A) 255 sets; 25X per year B) 221 sets; 29X per year C) 93 sets; 70X per year D) 156 sets; 42X per year