Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price$126 Units in beginning inventory 0Units produced 1,900Units sold 1,800Units in ending inventory 100 Variable costs per unit: Direct materials$49Direct labor$28Variable manufacturing overhead$5Variable selling and administrative expense$11Fixed costs: Fixed manufacturing overhead$32,300Fixed selling and administrative expense$23,400 What is the net operating income for the month under variable costing?
A. $(4,500)
B. $5,400
C. $1,700
D. $3,700
Answer: D
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The settlement of disputes by a neutral adjudicator chosen by the parties is known as:
a. arbitration. b. facilitation. c. litigation. d. conciliation.
Which of the following gratuitous promises is/are enforceable by statute?
A) A good-faith contract modification in a contract for the sale of goods B) A written offer signed by a merchant to buy or sell goods that assures it will be kept open for one month C) A renunciation of a claim in a written waiver that is signed and delivered by the aggrieved party when the contract involves a sale of goods D) All of these are enforceable by statute.
Which element of internal control deals with a company having large amounts of cash on hand?
A) Control environment B) Control activities C) Information and communication D) Risk assessment
Refining estimates may be necessary for a number of reasons. For example, people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of
A. Things going wrong on a project. B. Changes in project scope. C. Hidden interaction costs. D. Normal conditions not applying. E. The customer not being clear about their expectations.