Nettle Co. uses process costing to account for the production of rubber balls. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Equivalent units have been calculated to be 12,000 units for materials and 10,000 units for conversion costs. Beginning inventory consisted of $14,000 in materials and $8,000 in conversion costs. April costs were $72,000 for materials and $80,000 for conversion costs. Ending inventory still in process was 4,000 units (100% complete for materials, 50% for conversion). The total cost per unit using the FIFO method would be closest to:
A. $13.8182
B. $14.0000
C. $15.9666
D. $14.5000
Answer: B
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A. in-house-developed software B. user-developed software C. licensed software D. commissioned software
When emailing a coworker to ask for her assistance on a project, which of the following constitutes a refutation you could include in your request, in anticipation of a possible objection?
A) I really need your help right now, as my department is short-staffed. B) I won't be able to complete my project if you don't help me. C) While this may sound time-consuming, I will only need one hour of your time. D) If you decide to help me, then you will have to spend more time at work to complete your own professional responsibilities. E) I don't think that I will be able to return the favor.
Fixed overhead was budgeted at $84,000 and 10,000 direct labor hours were budgeted. If the fixed overhead volume variance was $3,200 unfavorable and the fixed overhead spending variance was $1,200 favorable, fixed overhead applied must be
A) $85,200 B) $87,200 C) $82,800 D) $82,000 E) $80,800
Zola Inc. paid a $10,000 legal fee to the attorney who resolved a dispute over Zola's title to investment land. Zola's auditors required the corporation to expense the payment for financial statement purposes. The tax law required Zola to capitalize the payment to the basis of the land. This difference in accounting treatment results in a:
A. Deferred tax asset B. Permanent favorable book/tax difference C. Deferred tax liability D. Permanent unfavorable book/tax difference