The traditional method of cost-plus pricing estimates costs based on future forecasts
Indicate whether the statement is true or false
FALSE
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On January 3, 20X9, Pine Company acquired 75 percent of Sap Company's outstanding common stock for cash. The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Sap Company's net assets at the date of acquisition. Selected balance sheet data at December 31, 20X9, are as follows: Pine Sap Total Assets$504,000 $216,000 Liabilities 144,000 72,000 Common Stock 120,000 60,000 Retained Earnings 240,000 84,000 Total Liabilities and Stockholders' Equity$504,000 $216,000 Based on the preceding information, what amount should be reported as noncontrolling interest in net assets in Pine Company's December 31, 20X9, consolidated balance sheet?
A. $90,000 B. $54,000 C. $0 D. $36,000
Because of the duty to inform, an agent must:
a. be able to show where money or property comes from and goes to b. record all transactions related to the agency c. engage in acts that could lead to personal liability d. perform responsibilities with the degree of care that a reasonable person would exercise under the circumstances e. none of the other choices are correct
Fluegge Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateDirect materials 5.7 liters$5.40per literDirect labor 0.70hours$20.60per hourVariable manufacturing overhead 0.70hours$5.50per hourThe company has reported the following actual results for the product for December: Actual output 4,100unitsRaw materials purchased 25,100litersActual price of raw materials$4.80per literActual cost of raw materials purchased$120,480 Raw materials used in production 23,360litersActual direct labor-hours 2,700hoursActual direct labor rate$21.20per hourActual direct labor
cost$57,240 Actual variable overhead rate$5.90per hourActual variable overhead cost$15,930 The labor rate variance for the month is closest to: A. $1,620 F B. $1,620 U C. $1,722 F D. $1,722 U
Inventory control is also called ______.
a. backstock control b. resources control c. materials control d. supplies control