Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 of direct materials and $13,000 of indirect materials. What journal entry should Andrew use to account for direct materials used in March:
A) Debit Raw Materials Inventory $141,000; credit Accounts Payable $141,000.
B) Debit Work in Process Inventory $141,000; credit Raw Materials Inventory $141,000.
C) Debit Work in Process Inventory $141,000; credit Accounts Payable $141,000.
D) Debit Finished Goods Inventory $22,000; credit Raw Materials Inventory $22,000.
E) Debit Raw Materials Inventory $153,000; credit Work in Process Inventory $153,000.
B) Debit Work in Process Inventory $141,000; credit Raw Materials Inventory $141,000.
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Benz & Frendz Corp, a manufacturer of high end consumer durables, experienced a sluggish sales growth in most of its product categories during three consecutive quarters of 2009
However, market analysis revealed that its competitors' sales had also slackened during this period. Analysts pointed out that when all firms are losing sales, it is extremely important to adopt strategies that are aimed at retaining customers. This led the firm to reduce operation costs while maintaining product quality. They also revamped their marketing strategy to focus on the values created by their products. Which of the following can be inferred from the strategies adopted by the firm? A) The company was trying to protect its market share and continue to operate as a market leader. B) The company was focusing on geographical expansion. C) The company was aiming to capture a new market segment. D) The company was marketing its products amidst an economic downturn. E) The company was focusing on market penetration.
Which of the following is NOT an advisable guideline for organizations that want to develop an effective crisis communication plan?
a. Control the flow of information from the command center. b. Designate at least two official spokespersons. c. Post immediate communication and responses on the corporate website. d. Convey factual information regardless of how negative the news.
Indicate the correct form of the adjective or adverb in parentheses. Use more or most, when appropriate, instead of less or least. Today's the (cold) day of the year so far. (cold)
The standard materials cost to produce 1 unit of Product R is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. What is the total direct materials cost variance?
A. $3,000 unfavorable. B. $3,000 favorable. C. $51,000 favorable. D. $48,000 unfavorable. E. $51,000 unfavorable.