Wolanski Corporation has provided the following data for its most recent year of operations: Selling price per unit$48Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$11Direct labor$5Variable manufacturing overhead$5Fixed manufacturing overhead per year$110,000Selling and administrative expenses: Variable selling and administrative expense per unit sold$4Fixed selling and administrative expense per year$71,000 Units in beginning inventory 0Units produced during the year 11,000Units sold during the year 8,000Units in ending inventory 3,000The unit product cost under variable costing is closest to:
A. $31.00
B. $35.00
C. $21.00
D. $25.00
Answer: C
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The type of survey question that limits the possible answers to groupings is a(n) ______.
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A question of ethics
Widener and Mozumder were employed as geophysicists by Arco Oil and Gas Co On March 31, 1986, both employees were notified by letter that they were being placed on "surplus" status—which meant that if they were not placed in another position in the company during the next sixty days, their employment would be terminated. On termination, they would become eligible for benefits, including lump-sum allowance payments, under either of two company termination and retirement programs. To be eligible for payments under either plan, the employees were required to sign release documents. The employees were given informational packets outlining each plan in detail and advising the employees to contact the company's benefits specialist, Barbara Hough, about which plan they wished to elect. The employees went to Hough's office and signed various documents, among which was a general release that read, in part: "I release and discharge the Company . . . from all claims, liabilities, demands, and causes of action known or unknown, fixed or contingent, which I may have or claim to have against the Company as a result of this termination and do hereby covenant not to file a lawsuit to assert such claims." After signing the release, each employee received a lump-sum payment. When the employees later sued Arco, alleging wrongful discharge on the basis of age discrimination, Arco claimed that the release document signed by the employees released it from any liability. The employees contended that they had not voluntarily and knowingly given the releases. The release document was confusing because it was not entitled a release, and Hough had never informed them of the significance of what they were signing. She only told them that they had to sign the various documents before they left. The court held that the releases were valid and granted Arco's motion for summary judgment.
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