Homework Answers
Option '1' is correct
Services and not-for-profit industries.
The concepts of cost allocation that are used in manufacturing can also apply in Services and not for profit industries.
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The concepts of cost allocation that are used in manufacturing can also apply In: Multiple Choice...
Widely used allocation bases in manufacturing companies, include all of the following, except: Multiple Choice direct...
Widely used allocation bases in manufacturing companies, include all of the following, except: Multiple Choice direct labor hours machine hours product revenue direct labor costs Assume that a company provided the following T-account. Part 2. Work in Process Beg. Bal. 18,000 480,000 600,000 666,250 1,680,000 End. Bal. 84,250 Based on the transactions recorded in this account, which of the following must be true? Multiple Choice The manufacturing overhead applied to production must equal $1,680,000. The manufacturing overhead applied to production...
Lean concepts such as continuous improvement and waste reduction have long been used by manufacturing companies....
Lean concepts such as continuous improvement and waste reduction have long been used by manufacturing companies. Discuss how service firms can apply the same concepts. Why do you think many service companies are adopting these ideas?
Multiple Choice Question 98 The following information is available for Vaughn Manufacturing: $150000 Sales Cost of...
Multiple Choice Question 98 The following information is available for Vaughn Manufacturing: $150000 Sales Cost of goods sold $600000 400000 Total fixed expenses Total variable expenses 350000 A CVP income statement would report gross profit of $200000. gross profit of $250000. contribution margin of $250000. O contribution margin of $450000.
a journal entry that includes manufacturing overhead and cost of goods sold is recorded to Mc...
a journal entry that includes manufacturing overhead and cost
of goods sold is recorded to
Mc Graw Hill 5 of 10 Concepts completed i Multiple Choice Question A journal entry that includes Manufacturing overhead and Cost of goods sold is recorded to O dispose of underapplied or overapplied overhead O recognize the completion of goods O recognize the sale of goods O apply manufacturing overhead to jobs
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives...
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives fees only in exchange for services. O Earns profit from commissions only. O Earns profit from fares only Cost of goods sold: Multiple Choice points (8 02:43:56 Is another term for merchandise sales. C) is the term used for the expense of buying and preparing merchandise for sale. Is another term for revenue O is also called gross margin O
The allocation base of an asset refers to which of the following? Multiple Choice The asset’s...
The allocation base of an asset refers to which of the following? Multiple Choice The asset’s initial capitalized cost. The number of years over which the asset’s cost will be allocated. The asset’s initial capitalized cost minus residual value. The method used to allocate the asset’s cost across years.
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is...
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is comprised of all manufacturing costs that cannot be directly traced to a product or service The costs can be grouped in either a single indirect-cost pool or multiple indirect-cost pools. These costs are allocated because the products could be made without them. The costs are debited to a work-in-process account.
Multiple Choice Question 106 During 2017, Waterway Industries expected Job No. 26 to cost $300000 of...
Multiple Choice Question 106 During 2017, Waterway Industries expected Job No. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. Waterway applied overhead based on direct labor cost. Actual production required an overhead cost of $290000, $470000 in materials used, and $190000 in labor. All of the goods were completed. What amount was transferred to Finished Goods? $950000 $960000 $945000 $1000000 Multiple Choice Question 111 Crane Company developed the following data for the current year: Beginning...
engine/cwd/index159351461999) (me Graw HHI IDE 2 of 38 Concepts completed Multiple Choice Question A laptop computer...
engine/cwd/index159351461999) (me Graw HHI IDE 2 of 38 Concepts completed Multiple Choice Question A laptop computer manufacturer would consider the computer's processor chip to be an) COST indirect material O manufacturing overhead O direct material direct labor Need help? Review these concept resources. Read About the concept
please answer all 3 multiple choice questions Identify a true statement about cost-based pricing. a. The...
please
answer all 3 multiple choice questions
Identify a true statement about cost-based pricing. a. The markup percentage used in cost-based pricing includes only the desired profit. O b. Cost-based pricing is used only by manufacturing and trading companies. c. Cost-based pricing requires an approximate estimate of the cost for pricing a product. d. An appropriate markup percentage is always required in cost-based pricing. When managers consider a product mix, O a. they must choose the alternative that minimizes sales...
Multiple Choice Question 98 The following information is available for Vaughn Manufacturing: $150000 Sales Cost of goods sold $600000 400000 Total fixed expenses Total variable expenses 350000 A CVP income statement would report gross profit of $200000. gross profit of $250000. contribution margin of $250000. O contribution margin of $450000.
a journal entry that includes manufacturing overhead and cost
of goods sold is recorded to
Mc Graw Hill 5 of 10 Concepts completed i Multiple Choice Question A journal entry that includes Manufacturing overhead and Cost of goods sold is recorded to O dispose of underapplied or overapplied overhead O recognize the completion of goods O recognize the sale of goods O apply manufacturing overhead to jobs
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives fees only in exchange for services. O Earns profit from commissions only. O Earns profit from fares only Cost of goods sold: Multiple Choice points (8 02:43:56 Is another term for merchandise sales. C) is the term used for the expense of buying and preparing merchandise for sale. Is another term for revenue O is also called gross margin O
Which of the following statements related to manufacturing overhead allocated is false? Multiple Choice It is comprised of all manufacturing costs that cannot be directly traced to a product or service The costs can be grouped in either a single indirect-cost pool or multiple indirect-cost pools. These costs are allocated because the products could be made without them. The costs are debited to a work-in-process account.
Multiple Choice Question 106 During 2017, Waterway Industries expected Job No. 26 to cost $300000 of overhead, $500000 of materials, and $200000 in labor. Waterway applied overhead based on direct labor cost. Actual production required an overhead cost of $290000, $470000 in materials used, and $190000 in labor. All of the goods were completed. What amount was transferred to Finished Goods? $950000 $960000 $945000 $1000000 Multiple Choice Question 111 Crane Company developed the following data for the current year: Beginning...
engine/cwd/index159351461999) (me Graw HHI IDE 2 of 38 Concepts completed Multiple Choice Question A laptop computer manufacturer would consider the computer's processor chip to be an) COST indirect material O manufacturing overhead O direct material direct labor Need help? Review these concept resources. Read About the concept
please
answer all 3 multiple choice questions
Identify a true statement about cost-based pricing. a. The markup percentage used in cost-based pricing includes only the desired profit. O b. Cost-based pricing is used only by manufacturing and trading companies. c. Cost-based pricing requires an approximate estimate of the cost for pricing a product. d. An appropriate markup percentage is always required in cost-based pricing. When managers consider a product mix, O a. they must choose the alternative that minimizes sales...
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