Tevebaugh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories: Finished goods$30,000 Estimated total manufacturing overhead at the beginning of the year$568,000 Estimated direct labor-hours at the beginning of the year 32,000direct labor-hoursResults of operations: Raw materials (all direct) requisitioned for use in production$501,000 Direct labor cost$683,000 Actual direct labor-hours 33,000direct labor-hoursManufacturing overhead: Indirect labor cost$176,000 Other manufacturing overhead costs incurred$420,000 Selling and administrative:$ Selling and
administrative salaries$219,000 Other selling and administrative expenses$346,000 Cost of goods manufactured$1,567,000 Sales revenue$2,498,000 Cost of goods sold (unadjusted)$1,376,000 The net operating income is:
A. $546,750
B. $892,750
C. $1,111,750
D. $765,750
Answer: A
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Answer the following statements true (T) or false (F)
1. Recruiting and selecting people is the first step in the strategic human resource process. 2. Human capital is the economic or productive potential of employee knowledge and actions. 3. Collective capital is the economic or productive potential of strong, trusting, and cooperative relationships. 4. Understanding current employee needs and predicting future ones are the two parts of strategic human resources recruiting.
While separation of duties may play a strong role in the internal control of inventory, it is not significant in controlling payroll
Indicate whether the statement is true or false
What federal legal protection is there with respect to trade secrets?
A) Trade secrets are protected under the federal patent laws. B) Trade secrets are protected under the Trade Secret Protection Act of 1952. C) Trade secrets are protected under the federal copyright laws. D) Trade secrets are protected under the Economic Espionage Act of 1996. E) Trade secrets receive no federal statutory protection.
Unlike the early stock exchanges, National Association of Securities Dealers Automated Quotation System (NASDAQ) has never:
A. maintained a physical trading location where dealers meet to trade securities. B. listed stocks of large, well-known firms. C. established formal listing requirements. D. used a computerized network to trade securities and to allowtraders to bypass the market makers.