The current ratio and the quick or acid-test ratio may be too high for the overall good of the business
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following would be placed in the "Post. Ref." column to indicate that the amount is not posted individually?
a. the abbreviation "CJ" b. an "x" c. a dash d. a check mark
During August, the Filtering Department of Speedwell, Inc. had a beginning Work-in-Process Inventory balance of 120 units with costs of $60,000. During the month, it started and completed 260 units. It had 30 units in the ending Work-in-Process Inventory. What is the number of equivalent units of production for transferred in units in the Filtering Department in August under the first-in, first-out (FIFO) method?
A) 120 units B) 410 units C) 290 units D) 230 units
Which of the following is the correct formula for calculating days' sales in raw materials inventory for a manufacturer?
A. Raw materials used/Beginning raw materials inventory × 365. B. Average raw materials inventory/Raw materials used. C. Ending raw materials inventory/Raw materials used × 365. D. Raw materials purchased/Average raw materials inventory. E. Raw materials used/Average raw materials inventory.
Data on Gantry Company's direct labor costs are given below: Standard direct-labor hours 30,000 Actual direct-labor hours 29,000 Direct-labor efficiency variance-favorable$4,000 Direct-labor rate variance-favorable$5,800 Total direct labor payroll$110,200 What was Gantry's actual direct labor rate?
A. $5.80 B. $4.00 C. $3.60 D. $3.80