June, executrix of Calvin's estate, promised Mr. Wentworth in writing that she would personally pay one of Calvin's debts to Wentworth Co If June fails to pay, the written promise must be in existence at the time Wentworth Co initiates a lawsuit so the writing can be produced as evidence
a. True
b. False
Indicate whether the statement is true or false
False
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Following is a partial process cost summary for Mitchell Manufacturing's Canning Department.Equivalent Units of ProductionDirect Materials Conversion Units Completed and transferred out 50,000 50,000 Units in Ending Work in Process: Direct Materials (15,000 × 100%) 15,000 Conversion (15,000 × 80%) 12,000 Equivalent Units of Production 65,000 62,000 Cost per Equivalent Unit Costs of beginning work in process $40,500 $59,700 Costs incurred this period 136,000 183,100 Total costs $176,500 $242,800 Cost per equivalent unit $2.71per EUP $3.92per EUP If the units completed were transferred to the Labeling Department, what is the
appropriate journal entry to transfer the conversion costs? A. Work in Process-Labeling $196,000; Work in Process-Canning $196,000. B. Work in Process-Labeling $196,000; Finished Goods-Canning $196,000. C. Finished Goods $242,800; Work in Process $242,800. D. Work in Process-Labeling $183,100; Work in Process-Canning $183,100. E. Finished Goods-Labeling $183,100; Finished Goods-Canning $183,100.
Blair Corporation has adopted a JIT management system and has the following transactions in March
Mar 5 Incurred labor and overhead costs, $95,000 Mar 31 Completed 650 units with standard costs of $94 for direct materials and $128 for conversion costs Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry. What will be an ideal response
What is the primary problem with redundant information?
A. It is difficult to determine which values are the most accurate. B. It is often inconsistent. C. It is difficult to determine which values are the most current. D. All of these.
A manufacturer produces Walkman tap players/radios. The electronic components are positioned in the outer case after the case has been given an epoxy finish. The production manager must time the drying process with the total assembly line and therefore must determine the appropriate drying time. An intensive cost analysis indicated that a risk of just 0.3% of the cases being wet and therefore
smudged was acceptable. If drying times are normally distributed with a mean of 3.6 minutes and a standard deviation of 0.6 minutes, what time setting should the production manager set for the automatic timer which controls the production line? ____________________ minutes Fill in the blank(s) with correct word