Neuhaus Corporation manufactures one product. It does not maintain any beginning or ending Work in Process inventories. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:InputsStandard Quantityor HoursStandard Priceor RateStandard CostDirect materials1.7gallons$7.50per gallon$12.75Direct labor0.70hours$21.50per hour 15.05Fixed manufacturing overhead0.70hours$6.00per hour 4.20Total standard cost per unit $32.00During the year, the company completed the following transactions:a. Purchased 52,900 gallons of raw material at a price of $7.60 per gallon.b. Used 46,820 gallons of the raw material to produce 27,600 units of
work in process.Assume that all transactions are recorded on the below worksheet, which is similar to the worksheet shown in your text except that it has been divided into two parts so that it fits on one page. The beginning balances in each of the accounts have been given. PP&E (net) stands for Property, Plant, and Equipment net of depreciation.?CashRaw MaterialsWork in ProcessFinished GoodsPP&E (net)?1/1$1,160,000$45,900$0$67,200$757,400=a.?????=b.?????=?Materials Price VarianceMaterials Quantity VarianceLabor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$0$0$2,030,500a.???????b.???????When the raw materials used in production are recorded in transaction (b) above, which of the following entries will be made?
A. ($750) in the Materials Price Variance column
B. $750 in the Materials Quantity Variance column
C. $750 in the Materials Price Variance column
D. ($750) in the Materials Quantity Variance column
Answer: B
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Kyra, an international student beginning her first semester at a college in the United States, receives her schedule for her first semester and notices her professors’ names are not on the schedule. She becomes anxious and tells her friends that in her country this would never happen because students need to know exactly what to expect. Kyra’s culture most likely has ______.
a. a low level of uncertainty avoidance b. a high level of uncertainty avoidance c. a low level of power distance d. a high level of power distance
Leaders influence followers through ______.
a. delegation b. tangible exchange c. the cooperation of in-groups and out-groups d. building and maintaining good relationships
On January 1, A Plus Services has the following balances
Accounts Receivable $25,000 (debit) Bad Debts Expense $0 A Plus Services has the following transactions during January: Credit sales of $140,000, collections of credit sales of $90,000, and write-offs of $16,000. A Plus Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable is ________. A) $10,286 B) $59,000 C) $24,889 D) $75,000
Downsizing is the planned elimination of ________ in an organization.
A. jobs B. managerial hierarchy C. cross-functional teams D. departments