The following data is given for the Stringer Company: Budgeted production 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22 per hour Standard hours allowed per completed unit 6.6 Actual
labor hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours. The direct material quantity variance is:
A) 22,800F
B) 22,800U
C) 52,000F
D) 52,000U
D
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Which statement is not true?
a. loosely coupled modules are independent of other modules b. cohesive modules perform a single, well-defined task c. maintenance of a module with weak cohesion is simple d. an error made in a tightly coupled module will affect other modules
Dividend yield is a liquidity ratio
Indicate whether the statement is true or false
Which inventory pricing method best approximates specific identification in most manufacturing situations?
a. Activity-based costing b. FIFO c. Average cost d. LIFO
John's Repair Shop has fixed a stereo. The customer wants to take the stereo and pay for it in thirty days if the repair work is satisfactory. Which of the following is true?
A) John's has the right to keep the stereo until the customer pays for the repair. B) John's can't keep the stereo, but must release it and sue on the contract if the customer doesn't pay. C) John's must let the customer take the stereo and try it out to see if the repairs are satisfactory. D) John call see the stereo if payment is not made within three days. E) Both B and C