Bohon 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 contains the following information concerning direct materials:InputsStandard Quantityor HoursStandard Price or RateStandard CostDirect materials1.0pound$5.50per pound$5.50During the year, the company completed the following transactions concerning direct materials:a. Purchased 19,700 pounds of raw material at a price of $4.70 per pound.b. Used 18,500 pounds of the raw material to produce 18,400 units of work in process.The company calculated the following direct materials
variances for the year:Materials price variance$15,760FMaterials quantity variance$550UAssume 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)=Materials Price VarianceMaterials Quantity Variance1/1$1,030,000$53,350$0$88,880$737,900=$0$0a.?????=??b.?????=???Labor Rate VarianceLabor Efficiency VarianceFOH Budget VarianceFOH Volume VarianceRetained Earnings1/1$0$0$0$0$1,910,130a.?????b.?????When recording the raw materials used in production in transaction (b) above, the Work in Process inventory account will increase (decrease) by:
A. ($101,750)
B. $101,200
C. ($101,200)
D. $101,750
Answer: B
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A) to ignore bribery and act as if it does not exist. B) to maintain home-country ethics worldwide with no adaptations. C) to abandon any attempt to maintain company ethics. D) to have a product that is clearly superior to that of the competition. E) to adapt in varying degrees to local customs and practices.
Stop-N-Go and Circle K, small stores that traditionally have had a market of consumers who are willing to pay a higher price for the ease of buying staples close to home, are ________
A) specialty stores B) convenience stores C) supermarkets D) hypermarkets E) off-price retailers
____ connect unequal sentence elements
A) Subordinating conjunctions B) Conjunctive adverbs C) Coordinating conjunctions
Jan runs a garment jobbing business. Her employees sew together fabric that has been cut to be assembled into garments. She has studied how many garments her employees produce per hour and has determined that the average worker produces ten garments per hour. Maggie also has a garment jobbing business. Her business produces garments that are quite similar to those made by Jan's business. Maggie's workers can sew 12 garments per hour. Which of the following is true about these businesses?
A. Maggie's employees are harder working than Jan's employees. B. Maggie's business has greater productivity than Jan's business. C. Jan's employees have difficulty assembling the garments. D. Jan's operations managers are not as effective as Maggie's operations managers.