A bond's value equals the present value of interest and principal the owner will receive
Indicate whether this statement is true or false.
Answer: TRUE
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If a machine is damaged during unpacking, the repairs are added to its cost.
Answer the following statement true (T) or false (F)
Which of the following is not a reason to classify costs as either product or period costs?
A) To determine unit manufacturing costs B) To determine if the costs are fixed or variable C) To analyze costs for control purposes D) To report production costs on the income statement
An employee who quits his employment can never recover damages for wrongful dismissal
Indicate whether the statement is true or false
Venazio Products uses a standard costing system to assist in the evaluation of operations. The company has had considerable employee difficulties in recent months, so much so that management has hired a new production supervisor (Ralph Moreno). Moreno has been on the job for six months and has seemingly brought order to an otherwise chaotic situation.The vice-president of manufacturing recently commented that "Moreno has really done the trick. Ralph's team-building/morale-boosting exercises have truly brought things under control." The vice-president's comments were based on both a plant tour, where he observed a contented work force, and review of a performance report that showed a total labor variance of $14,000F. This variance is truly outstanding, given that it is less than 2% of the
company's budgeted labor cost. Additional data follow.· Total completed production amounted to 20,000 units.· A review of the firm's standard cost records found that each completed unit requires 2.75 hours of labor at $14 per hour. Venazio's production actually required 42,000 labor hours at a total cost of $756,000.Required: A. As judged by the information contained in the performance report, should the vice-president be concerned about the company's labor variances? Why?B. Calculate Venazio's direct-labor variances.C. On the basis of your answers to requirement "B," should Venazio be concerned about its labor situation? Why?D. Briefly analyze and explain the direct-labor variances. What will be an ideal response?