An activity rate of $512 per product design means that on average a product design consumes resources that cost $512.
Answer the following statement true (T) or false (F)
True
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The purpose of the ledger is to
a. keep a record of documentation to support each transaction. b. make sure that all assets, liabilities, etc., have credit balances at all times. c. record chronologically the day's transactions. d. maintain a separate account for each asset, liability, etc.
Merati Corporation has two manufacturing departments-Forming and Assembly. The company used the following data at the beginning of the year to calculate predetermined overhead rates: FormingAssemblyTotalEstimated total machine-hours (MHs) 5,000 5,000 10,000Estimated total fixed manufacturing overhead cost$28,000$10,500$38,500Estimated variable manufacturing overhead cost per MH$1.80$2.60 During the most recent month, the company started and completed two jobs-Job B and Job L. There were no beginning inventories. Data concerning those two jobs follow: Job BJob LForming machine-hours 3,400 1,600Assembly machine-hours 2,000 3,000Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. The departmental
predetermined overhead rate in the Assembly Department is closest to: A. $2.60 B. $6.05 C. $2.10 D. $4.70
A form of short-term borrowing by dealers in government securities is (are)
A. reserve requirements. B. repurchase agreements. C. bankers' acceptances. D. commercial paper. E. brokers' calls.
A company reported the following information: Accounts receivable, December 31, 2020$122,000 Accounts receivable, December 31, 2019113,000 Sales (all on credit) for 2020850,000 How much cash was collected from customers during 2020?
A. $972,000 B. $841,000 C. $859,000 D. $963,000