Answer the following statements true (T) or false (F)
Pinewood Furniture manufactures a small table and a large table. The small table sells for $800, has variable costs of $750 per table, and takes 7.50 labor hours to manufacture. The large table sells for $1,700, has variable costs of $900, and takes 10 direct labor hours to manufacture. If the company has no sales limitations on either product, it should make and sell as many of the large tables as possible to maximize operating income.
TRUE
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If a company has $152,000 of revenues, declares and pays $55,000 in dividends, and has net income of $89,000, how much were expenses for the year?
a. $ 8,000 b. $ 63,000 c. $144,000 d. Unable to determine the amount due to incomplete information.
Under U.S. commercial policy, the escape clause results in
a. temporary quotas granted to firms injured by import competition. b. tariffs that offset export subsidies granted to foreign producers. c. tax advantages extended to minority-owned exporting firms. d. duties that offset commercial dumping on the part of foreign firms.
If writing is marked with "Red," the writer should increase the number of times the point is explained
Indicate whether the statement is true or false.
Musings, Inc completed the production of 500 units with standard costs of $520 for direct materials and $75 for conversion costs
During the current year, it incurred $260,000 for direct materials and $31,000 for conversion costs. Record the adjusting entry for the amount of underallocated or overallocated conversion costs. What will be an ideal response