An airline specifies a wider monitor for installation on their overseas flights. The airframe manufacturer will accommodate this order by issuing an engineering change
Indicate whether the statement is true or false.
Answer: TRUE
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The gross profit (inventory valuation) method is appropriate if a firm's normal gross profit on sales has been relatively stable over time and for estimating the cost of inventory that was destroyed by casualty
a. True b. False Indicate whether the statement is true or false
Bart’s company has developed a draft code for the entire accounting firm. Now having reached the step of “code alignment,” they should ______.
a. compare their code to the missions and goals of each department b. put the code up to a vote by management c. make sure each employee’s values is aligned with the code d. compare the code to that of the larger accounting profession
The value chain portrays a mixture of primary and support activities utilized by an organization to design, produce, market, deliver, and support its products.
Answer the following statement true (T) or false (F)
Leheny Corporation manufactures and sells one product. The following information pertains to the company's first year of operations: Variable costs per unit: Direct materials$85Fixed costs per year: Direct labor$1,155,000Fixed manufacturing overhead$3,190,000Fixed selling and administrative expenses$2,300,000 The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 55,000 units and sold 50,000 units. The company's only product is sold for $238 per unit. The net operating income for the year under super-variable costing is:
A. $580,000 B. $1,400,000 C. $1,110,000 D. $1,005,000