The master budget begins with the ________ budget
a. sales
b. production
c. direct labor cost
d. direct material purchase
a
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Which account bypasses the Income Summary account in the closing process?
a. Revenue from Services b. Depreciation Expense–Building c. Dividends d. Wages Expense
Business-to-business (B2B) e-commerce ________
A) links marketers directly to their business customers B) has little effect on the way businesses operate C) does not rely upon the Internet D) has only two simple forms E) is conducted almost exclusively through private exchanges
Mungo Pet Supplies makes cat trees for several pet store chains. They order rolls of carpet (used to cover the trees) from a supplier. Mungo’s management has decided to use an EOQ model. The annual demand for carpet is estimated to be 1,000 rolls. The purchase price per roll is $20 and estimated inventory carrying cost rate is 25%. The cost to place an order from the supplier is $30. What is the annual holding cost for the optimal order quantity?
a. $109.54 b. $600 c. $547.72 d. $273.86
Which of the following remedies are available to either a buyer or seller following a breach by the other party?
A) Canceling the contract and recovering incidental damages B) Covering and suing for incidental damages C) Obtaining specific performance and stopping delivery of the goods D) Canceling the contract and suing to recover the price