The Smoot-Hawley Tariff Act of 1930 has generally been associated with
a. falling tariffs.
b. increases in the volume of trade.
c. intensifying the worldwide depression.
d. efforts to liberalize nontariff trade barriers.
c. intensifying the worldwide depression.
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Purchase orders convey authority for the manufacture of a specified product or subassembly in specified quantity and describe the material, labor, and machine requirements for the job
Indicate whether the statement is true or false
Empowerment of employees helps address the delivery gap because
A. customers appreciate feeling empowered. B. it ultimately contributes to employee knowledge and retention. C. management then doesn't need to devote time and energy to resolving service delivery problems. D. employees directly involved with the customer can respond effectively at the moment the problem occurs. E. employees spend less time resolving problems than managers would.
Darrin Products uses a job-costing system for its units, which pass from the Machining Department, to the Assembly Department, to finished-goods inventory. The Machining Department is heavily automated; in contrast, the Assembly Department performs a number of manual-assembly activities. The company uses machine hours to apply manufacturing overhead to products in the Machining Department, and direct labor cost to apply manufacturing overhead to products in the Assembly Department.The following information relates to the Machining Department for the year just ended:Budgeted manufacturing overhead$12,000,000Actual manufacturing overhead12,142,000Budgeted machine hours 800,000Actual machine hours794,000The Machining Department data that follow pertain to job no. 775, the only job in
production at year-end.Direct materials$125,000Direct labor cost61,800Machine hours550Required: A. Assuming the use of normal costing, calculate the predetermined overhead rate that is used in the Machining Department.B. Compute the cost of the Machining Department's year-end work-in-process inventory.C. Determine the amount that overhead was under- or overapplied during the year in the Machining Department. Indicate whether it is overapplied or underapplied.D. If Darrin disposes of the Machining Department's under- or overapplied overhead as an adjustment to Cost of Goods Sold, would the company's Cost-of-Goods-Sold account increase or decrease? Explain.E. How much overhead would have been charged to the Machining Department's Work-in-Process account during the year?F. Comment on the appropriateness of direct labor cost to apply manufacturing overhead in the Assembly Department. What will be an ideal response?
Which of the following statements is true about benchmarking?
A) It compares a company's current performance against its own previous performance. B) It compares a company's performance against that of its competitors. C) It provides a standard of comparison for financial measurement. D) All of the above statements are true about benchmarking.