Paw-Paw Products Paw-Paw Products produces and sells flannel covered dogbeds. In the current year, Paw-Paw had expected to sell 8,000 beds but actually produced and sold 8,500 beds. The following information is available regarding the standard cost to produce a single dogbed: Direct materials: 5 yards at $1.50 per yard Direct labor: 40 minutes at $.20 per minute In the current year, 44,000 yards
of material were purchased and used at a cost of $1.60 per yard and 365,500 direct labor minutes were incurred at a cost of $.23 per minute. Refer to the Paw-Paw Products information above. The company's direct material price variance for the current year is:
A) $4,250 F.
B) $6,650 U.
C) $4,400 U.
D) $3,750 F.
C
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Which of the following statements is true regarding the identification and assessment of the risks of material misstatements by the auditor?
a. Auditing standards require the auditor to identify and assess the risks of material misstatement due to fraud at the financial statement level. b. Auditing standards require the auditor to identify and assess the risks of material misstatement due to fraud at the assertion level. c. As part of brainstorming activities, the auditor should identify possible frauds that could occur. d. All of these statements are true.
According to critics, large marketing companies use patents and heavy promotion spending to ________
A) acquire smaller companies B) offset too many social costs C) prevent industry competition D) achieve economies of scale E) offset cultural pollution
What does SST stand for?
What will be an ideal response?
A responsibility accounting system should include all revenue and cost of a division
Indicate whether the statement is true or false