A company that uses a job order costing system incurred $10,000 of factory payroll during May. Prepare the May 31 entry assuming $8,000 is direct labor and $2,000 is indirect labor.
What will be an ideal response?
| May 31 | Work in Process Inventory ………………… | 8,000 | ? |
| ? | Factory Wages Payable …………………… | ? | 8,000 |
| ? | Factory Overhead …………………………… | 2,000 | ? |
| ? | Factory Wages Payable …………………… | ? | 2,000 |
You might also like to view...
Answer the following statements true (T) or false (F)
1. Demassification refers to customers becoming part of mass markets that reflect mass behavior and mass values. 2. Reactive change involves making carefully thought-out changes in anticipation of possible or expected problems or opportunities. 3. Walt Disney Company's investment of $1 billion into a wearable technology that it hopes will revolutionize the way visitors spend money at Walt Disney World, featuring a website ("My Disney Experience") and data-collecting wristbands ("MagicBands") that interact with scanners throughout the 40-square-mile theme park, is an example of proactive change. 4. B corporations are ones whose stocks are not listed on NASDAQ or as part of the Dow Jones Industrial Average.
Which of the following is true of price elasticity?
A) When the price elasticity equals 0, we have unitary elasticity where the percentage change in volume is equal to the percentage change in price. B) Price elasticity is almost always a negative number due to the inverse relationship between price and volume. C) Prestige products that can see an increase in demand when their prices are increased have negative price elasticity. D) Price elasticities between –1 and –10 are inelastic because the percentage change in volume is greater than the percentage change in price. E) Price elasticities between zero and -1 are considered elastic, as the percentage change in volume is less than the percentage change in price.
A company made the following merchandise purchases and sales during the month of May:May 1Purchased380 units at$15 eachMay 5Purchased270 units at$17 eachMay 10Sold400 units at$50 eachMay 20Purchased300 units at$22 eachMay 25Sold400 units at$50 eachThere was no beginning inventory. If the company uses the weighted average periodic method, what would be the cost of the ending inventory?
What will be an ideal response?
What are the three categories of control frequencies and how often are they used?
What will be an ideal response?