Prime costs are
A) direct materials and factory overhead
B) direct materials and direct labor
C) direct labor and factory overhead
D) period costs and factory overhead
B
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Why has there likely been so little evidence of a correlation between the presence of a code of ethics and better ethical performance?
a. too many remaining opportunities for unethical behavior b. a culture of corruption in U.S. business c. too much legal language in codes d. failure to communicate the code to employees
When writing goodwill messages, you should always use the "you" perspective
Indicate whether the statement is true or false
The changes in Northrup Corporation's balance sheet account balances for last year appear below: Increases (Decreases)Asset and Contra-Asset Accounts: Cash and cash equivalents$4,000 Accounts receivable$(4,000)Inventory$(2,000)Prepaid expenses$2,000 Long-term investments$40,000 Property, plant and equipment$25,000 Accumulated depreciation$68,000 Liability and Equity Accounts: Accounts payable$(6,000)Accrued liabilities$8,000 Income taxes payable$(8,000)Bonds payable$(70,000)Common stock$10,000 Retained earnings$63,000 The company's income statement for the year appears below:Income StatementSales$ 980,000Cost of goods sold 540,000Gross margin440,000Selling and administrative expense 310,000Net operating income130,000Income taxes 39,000Net income$ 91,000The
company declared and paid $28,000 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities.On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A. $310,000 B. $384,000 C. $236,000 D. $304,000
Scholfield Enterprises makes a variety of products that it sells to other businesses. The company's activity-based costing system has four activity cost pools for assigning costs to products and customers. Details concerning that ABC system are listed below:Activity Cost PoolActivity MeasureActivity RateSupporting assemblyDirect labor-hours (DLHs)$6.55per DLHProcessing batchesNumber of batches$138.20per batchProcessing ordersNumber of orders$52.60per orderServing customersNumber of customers$1,191.00per customerThe cost of serving customers, $1,191.00 per customer, is the cost of serving a customer for one year.Latif Corporation buys only one of the company's products which Scholfield Enterprises sells for $15.60 per unit. Last year Latif Corporation ordered a total of 1,100 units of this
product in 2 orders. To fill the orders, 7 batches were required. The direct materials cost is $7.85 per unit and the direct labor cost is $1.90 per unit. Each unit requires 0.10 DLHs.According to the ABC system, the total cost of the activity "Supporting assembly" for this customer this past year was closest to: A. $110.00 B. $720.50 C. $0.66 D. $7,205.00