Which of the following statements correctly describes the term "conversion costs"?
A) the cost to convert finished goods to sales to customers
B) the cost incurred for direct and indirect materials during production
C) the cost of direct materials, direct labor, and manufacturing overhead costs incurred during production
D) the cost of direct labor combined with manufacturing overhead
D
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Corporation ABC is in a highly competitive industry. NGO pressure has been exerted to have this industry change its sourcing policies. ABC decides to publicly announce that it is the first in the industry to change in sourcing policy. Spar and LeMure define this as a ________ response type used to gain a ________ advantage over others in the industry.
A) competitive; pre-emption B) resistance; pre-emption C) pre-emption; competitive D) capitulation; competitive E) resistance; collective
As Janine prepares to perform Ian's performance review, she carefully reviews notes she made throughout the year, rather than relying just on what she remembers. Janine is attempting to avoid the ______ bias.
A. sunk-cost B. adjustment C. representativeness D. availability E. escalation of commitment
Use the following information to calculate cash paid for salaries: Salaries expense$182,000? Salaries payable, January 1 27,000? Salaries payable, December 31 15,500?
A. $193,500. B. $170,500. C. $139,500. D. $155,000. E. $182,000.
Sand Corporation manufactures two styles of lamps—a Bedford Lamp and a Lowell Lamp
The following per unit data are available: Bedford Lamp Lowell Lamp Sales price $20 $36 Variable costs $5 $10 Machine hours required for one lamp 3 8 Total fixed costs are $42,000, and the machine hour capacity is 32,000 hours per year. The Lowell Lamp has the highest contribution margin per unit and also has the highest contribution margin per machine hour, so the company should focus sales on the Lowell Lamp. Indicate whether the statement is true or false