What is the yield on 10 year Treasury Bonds?
a. 2.99%
b. 15%
c. less than 1%
d. 6.99%
e. negative 1%
Ans: c. less than 1%
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The predetermined overhead rate is calculated by:
A) Estimated annual overhead/Estimated manufacturing cost B) Actual annual overhead/Estimated annual activity level C) Estimated annual overhead/Actual Annual activity level D) Actual annual overhead/Actual annual activity level E) Estimated annual overhead/Estimated annual activity level
Chen Service applied overhead on the basis of direct labor costs during the current year. Overhead applied was $16,500. Actual overhead incurred was $17,200.Prepare the adjusting journal entry for over- or underapplied overhead .
What will be an ideal response?
Project members may be from:
A) Different departments. B) Other organizational units. C) One functional area. D) All of the above.
Bohon 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 contains the following information concerning direct materials:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials1.0pound$5.50per pound$5.50During the year, the company completed the following transactions concerning direct materials:a. Purchased 19,700 pounds of raw material at a price of $4.70 per pound.b. Used 18,500 pounds of the raw material to produce 18,400 units of work in process.The company calculated the following direct materials
variances for the year:Materials price variance$15,760FMaterials quantity variance$550UAssume 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)=Materials Price VarianceMaterials Quantity Variance1/1$1,030,000$53,350$0$88,880$737,900=$0$0a.?????=??b.?????=???Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,910,130a.?????b.?????When the raw materials used in production are recorded in transaction (b) above, which of the following entries will be made? A. $550 in the Materials Price Variance column B. ($550) in the Materials Quantity Variance column C. $550 in the Materials Quantity Variance column D. ($550) in the Materials Price Variance column