Which of the following is true of market-penetration pricing?
A) It should be used when the product's quality and image support a high price.
B) It involves setting a high price for a new product to appeal to the elite in society.
C) It results in drawing in large numbers of buyers quickly, winning a large market share.
D) It is best used in conjunction with a market-skimming pricing strategy.
E) It results in the company making fewer and less profitable sales.
C
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When using the FIFO method of process costing, beginning inventory costs are excluded from the cost reconciliation
Indicate whether the statement is true or false
Fixed overhead does not have separate price and quantity variances.
Answer the following statement true (T) or false (F)
Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 3 pounds of material at $14 per pound, and labor standards are 4 hours of labor at a standard wage rate of $11. During July Regent Corp. produced 3,300 units. Materials purchased and used totaled 10,100 pounds at a total cost of $142,650. Payroll totaled $146,780 for 13,150 hours worked. Calculate the:a. direct materials price variance.b. direct materials quantity variance.
What will be an ideal response?
When forecasting total demand for all their services or products, few companies err by more than:
A) one to four percent. B) five to eight percent. C) nine to twelve percent. D) thirteen to sixteen percent.