A niche strategy is the same as Porter's focus strategy and is a concentrated target marketing approach.
Answer the following statement true (T) or false (F)
True
A concentrated target marketing approach, which Michael Porter refers to as a focus strategy and is also popularly called a niche strategy, involves targeting a large portion of a small market.
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In violation of company policy, Miller Company erroneously capitalized the cost of painting its warehouse. The auditors examining Miller's financial statements would most likely detect this when:
A. Observing, during the physical inventory observation, that the warehouse had been painted. B. Examining maintenance expense accounts. C. Discussing capitalization policies with Miller's controller. D. Examining the construction work orders supporting items capitalized during the year.
On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method. At the beginning of August, the company reported beginning inventory of $215,450. Inventory purchased during August was $192,530. Sales for the month of August were $542,500. Assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood.
A. $87,480 B. $134,520 C. $109,980 D. $81,480 E. $82,480
It is always important to conduct a thorough needs assessment at the organization, personal, and task levels of analysis.
Answer the following statement true (T) or false (F)
Mystic Falls Inc Mystic Falls Inc bottles and sells a popular soft drink. In 2011, the company had expected to sell 1,000,000 bottles but actually bottled and sold 900,000 bottles. The standard direct materials cost for each bottle is $.40 comprised of 10 ounces at a cost of $.04 per ounce. During 2011, 10,000,000 ounces of material were purchased out of which 9,200,000 ounces were used at a cost
of $.05 per ounce. Refer to the Mystic Falls Inc information above. The direct materials usage variance for 2011 was: A) $ 8,000 U. B) $ 8,000 F. C) $40,000 U. D) $40,000 F.