Standard costing would most often require which type of performance evaluation?
A) Flexible budgeting
B) Static budgeting
C) Variable costing
D) None of these choices
A
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Beans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of $2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics:Number of units in the job10Total direct labor-hours50Direct materials$920Direct labor cost$1,400The total job cost for Job K818 is closest to: (Round your intermediate calculations to 2 decimal places.)
A. $2,320 B. $2,595 C. $1,195 D. $1,675
Doug, a self-employed consultant, has been a firm believer in maintaining a paperless office. Unfortunately, he recently lost all of his business records in a ransomware attack, and his backup system was also compromised. Which of the following cases should Doug investigate to better understand substantiation requirements for business expenses?
A. the Corn Products doctrine B. the Cohan rule C. the Arkansas Best doctrine D. the tax benefit rule
The quantity of each input that should be used to produce one unit of output is documented on the standard cost sheet
Indicate whether the statement is true or false
Which of the following does a bailee (custodian) have?
A) Possession. B) A right to a lien for unpaid work C) Ownership D) Both A and B E) All of the above