Which of the following statements accurately describes manufacturing cost flows in a just-in-time (JIT) environment?
A) Direct labor and overhead are maintained in a work in process account for long periods of time.
B) There is little need to maintain a cost of goods sold account.
C) There is little need to maintain raw materials, work in process, or finished goods accounts.
D) Manufacturing costs are maintained in the finished goods account for long periods of time.
C
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Research indicates that the number one reason for terminating research and development projects is:
A) That the project is found to be inconsistent with organizational goals. B) The project costs more to complete than originally planned. C) The low probability of achieving technical or commercial success. D) Increased government restrictions.
Freiling Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials3.1kilos$6.00per kilo$18.60Direct labor0.90hours$22.00per hour 19.80Fixed manufacturing overhead0.90hours$9.50per hour 8.55Total standard cost per unit $ 46.95During the year, the company assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 14,890 hours at an average cost of $22.80 per hour.Assume that all transactions
are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)=Materials Price VarianceMaterials Quantity Variance1/1$1,090,000$53,940$0$79,815$600,000=$0$0?Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,823,755When recording the direct labor costs, the Cash account will increase (decrease) by: A. ($339,492) B. ($318,780) C. $318,780 D. $339,492
________ maintenance involves making enhancements to improve processing performance or interface usability or adding desired (but not necessarily required) system features (in other words, "bells and whistles")
A) Adaptive B) Perfective C) Preventive D) Corrective E) Predictive
You guide employees and make sure their work meets certain criteria in a company. Which of the following perspectives does this give you on the company?
A) customer B) manager C) employee D) owner/investor