1. Inventory that consists of the costs of the direct and indirect materials that have not yet entered the manufacturing process is known as ________. work in process inventory materials inventory finished goods inventory None of these choices are correct.

Answer:

materials inventory

Explanation:

An inventory is a term used to describe a list of finished goods, goods still in the production line and raw materials that would be used for the manufacturing of more goods in a bid to meet the unending consumer demands.

Basically, an inventory can be classified into three (3) main categories and these are; finished goods, work in progress, and raw materials.

An inventory is recorded as a current asset on the balance sheet because it's primarily the most important source of revenue for a business entity.

Generally, the three (3) main cost concept associated with an inventory include;

1. First In First Out (FIFO).

2. Last In First Out (LIFO).

3. Weighted average cost.

In Financial accounting, direct cost can be defined as any expense which can easily be connected to a specific cost object such as a department, project or product. Some examples of direct costs are cost of raw materials, machineries or equipments.

On the other hand, any cost associated with the running, operations and maintenance of a company refers to indirect costs. Some examples of indirect costs are utility bill, office accessories, diesel etc.

Materials inventory can be defined as an inventory that comprises of direct and indirect materials costs which have not been used in a manufacturing process.

Differences in net operating income between absorption costing and variable costing are due to the ______. Multiple choice question. amount of sales revenue reported timing of when fixed manufacturing overhead is expensed amount of selling and administrative cost expensed format of the income statements

United States exports soybean oil to China. However, to protect the Chinese soybean oil market, Chinese government has high tariff in place for U.S. soybean oil exports. Explain how United States can make plant location decisions to avoid paying high tariffs and still sell soybean oil in China.

High-Low Method
The manufacturing costs of Ackerman Industries for the first three months of the year follow:
Total Costs Units Produced
January $1,900,000 20,000 units
February 2,250,000 27,000
March 2,400,000 30,000
Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost.
a. Variable cost per unit $
b. Total fixed cost $

Universal Air is a no-growth firm and has two million shares outstanding. It expects to earn a constant $20 million per year on its assets. If it has no debt, all earnings are paid out as dividends, and the cost of capital is 10 percent, calculate the current price per share of the stock.

Bow-Wow Company manufactures a product with a unit variable cost of $50 and a unit sales price of $88. Fixed manufacturing costs were $240,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 1,000 units at $70 each in a foreign market which would not affect its present sales. If the company has sufficient (excess) capacity to produce the additional units, acceptance of the special order would affect net income as follows:

a. Income would decrease by $4,000.
b. Income would increase by $4,000.
c. Income would increase by $70,000.
d. Income would increase by $20,000.

The agreement of the trial balance totals is an indication that all transactions have been properly recorded in the books of accounts. Do you agree with this statement?

Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes 24 minutes and 6.2 quarts of oil are used. In June, Guillermo's Oil and Lube had 980 oil changes. Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month of June:

Actual number of oil changes performed: 980
Actual number of direct labor hours worked: 386
Actual rate paid per direct labor hour: $14.50
Standard rate per direct labor hour: $14.00

Required:
a. Calculate total direct labor variance for oil changes in June?
b. Calculate The Direct Labor Rate Variance (LRV) and Direct Labor efficiency variance (LEV)

Take example to evaluate how luxury brands create symbolic value to global consumer​

A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For the current period, unprocessed wheat was purchased for $120,000, and the following quantities of product and sales revenues were produced.
Product Pounds Price per Pound
Feed 100,000 $ 0.70
Flour 50,000 2.20
Starch 20,000 1.00
How much of the $120,000 cost should be allocated to flour if the value basis is used?
a) $24,500.
b) $84,000.
c) $66,000.
d) $70,000.
e) $200,000.

Ashley received a raise at work that increased her monthly income from $1,000 to $1,250. Last year, Ashley bought 20 slices of cheesecake for her birthday party. Due to her increase in income, she is able to buy 24 slices for her birthday this year. Using the mid-point formula, the income elasticity is _________ and the cheesecake slices are __________ goods.

Using the reciprocal services method, which of the following equations represents the algebraic expressions for the two equations needed to capture the total costs of a Janitorial Department (J) that includes not only $500,000 of direct costs but also 20% of the Maintenance Department (M) cost and a Maintenance Department that includes not only $250,000 of direct costs but also 40% of the Janitorial Department? (Hint: This equation is derived from the two separate equations representing each department's costs.)

Your only child will go to college 10 years from now. Your salary is $80,000 a year, and is expected to rise with inflation, which is about 3% annually. Tuition is currently about $40,000 a year, but growing by 5% yearly. What percentage of your salary would go to pay for the first year of your child's college education

Miller and Sons' static budget for 10,500 units of production includes $41,000 for direct materials, $50,300 for direct labor, variable utilities of $7,600, and supervisor salaries of $14,600. A flexible budget for 12,100 units of production would show Round your final answer to the nearest dollar. Do not round interim calculations. a.the same cost structure in total b.direct materials of $47,248, direct labor of $57,965, utilities of $8,758, and supervisor salaries of $14,600 c.direct materials of $47,248, direct labor of $57,965, utilities of $8,758, and supervisor salaries of $17,520 d.total variable costs of $113,500

HELPPP PLEASE !
1. Write one paragraph about a person who decides that taking an hourly job with
tips is a better choice than accepting a salaried job with benefits.

Using the Chipotle example we have discussed in class imagine that all employees are paid $15/hour, the grill costs $300, and each cash register costs $200. All other utensils and items come at zero cost. Applying the principles of business process improvement that we have discussed in class, what is the lowest cost Chipotle can achieve with the highest flow rate

In addition to cost, what factors should be considered in selecting a building contractor? What can go wrong if the lowest bid is selected and nothing else is considered?

​Crawley, Inc. has a line of credit with HNC Bank that allows the company to borrow up to​ $800,000 at an interest rate of 12 percent.​ However, Crawley, Inc. must keep a compensating balance of 18 percent of any amount borrowed on deposit at the bank.​ Crawley, Inc. does not normally keep a cash balance account with HNC Bank. What is the effective annual cost of​ credit?

tổ chức kiểm toán nội bộ cho hoạt động quản lý hàng tồn kho

Your division is considering two investment projects, each of which requires an up-front expenditure of $17 million. You estimate that the investments will produce the following net cash flows:

Year Project A Project B
1 $4,000,000 $20,000,000
2 10,000,000 10,000,000
3 20,000,000 6,000,000

Required:
a. What are the two projects' net present values, assuming the cost of capital is 5%?
b. What are the two projects' net present values, assuming the cost of capital is 10%?
c. What are the two projects' net present values, assuming the cost of capital is 15%?
d. What are the two projects' IRRs at these same costs of capital?

A bank loan has been given to a customer at a bank with a FIXED nominal interest rate of 13%. The real
interest rate for the bank's profit margin is 10%.
The next year, unanticipated INFLATION has increased another 7%.
The new real interest rate is
and the
was hurt.
O 3%; lender
O 15%; lender
O 8%; borrower
O 3%; borrower
O 5%; lender
O 8%; lender

Which of the following describe management's use of a master budget: Multiple select question. Helps in determining bonuses to managers who meet budgets Helps analyze differences between actual and budgeted results Helps to place blame on managers who do not meet budgets Helps reveal undesirable outcomes Helps in planning and control activities

The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year follow. The capital of the owner was $185,200 at April 1, the beginning of the current year. Mr. Thompson invested an additional $15,200 in the business during the year.

Accounts payable $1,200 Miscellaneous expense $470
Accounts receivable 9,860 Office expense 690
Cash 32,300 Supplies 1,670
Fees earned 82,110 Wages expense 34,330
Land 47,500 Drawing 5,400
Building 151,490

Required:
Prepare a statement of owner's equity for Thompson Computer Services for the current year ended March 31.

Berkeley Corporation has a policy of furnishing new automobiles to the athletic department of the local university. The automobiles are used for short periods of time by the extremely popular head basketball coach. When the automobiles are returned to Berkeley Corporation, they are sole to regular customers. The owner of Berkeley Corporation maintains that any such cars held for more than one year should qualify as Sec. 1231 property. Do you agree?

Dake Corporation's relevant range of activity is 3,200 units to 8,000 units. When it produces and sells 5,600 units, its average costs per unit are as follows:
Average Cost per Unit
Direct materials $ 6.55
Direct labor $ 3.50
Variable manufacturing overhead $ 1.30
Fixed manufacturing overhead $ 3.00
Fixed selling expense $ 0.90
Fixed administrative expense $ 0.60
Sales commissions $ 0.70
Variable administrative expense $ 0.60
If 4,600 units are produced, the total amount of direct manufacturing cost incurred is closest to:____.
A) $63,560.
B) $16,800.
C) $87,640.
D) $80,360.

Entry for Jobs Completed; Cost of Unfinished Jobs
The following account appears in the ledger prior to recognizing the jobs completed in August:
Work in Process
Balance, August 1 $8,920
Direct materials 72,520
Direct labor 78,230
Factory overhead 41,120
Jobs finished during August are summarized as follows:
Job 210 $36,140
Job 216 22,090
Job 224 42,170
Job 230 78,310
a. Journalize the entry to record the jobs completed.
b. Determine the cost of the unfinished jobs at August 31.
$

A campus deli serves 200 customers over its busy lunch period from 11:00 a.m. to 1:00 p.m. A quick count of the number of customers waiting in line and being served by the sandwich makers shows that an average of 10 customers are in process at any point in time. The average amount of time that a customer spends in process is _______ minutes (round to the nearest integer).

TB MC Qu. 08-104 Marlow Company purchased a point of... Marlow Company purchased a point of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the first year of its useful life using the double-declining-balance method

The ROI on sustainability efforts can be difficult to quantify because a. the payback period is on the same time frame. b. the payback period is on a different time frame. c. benefits from such projects are tangible. d. an excess of necessary data for accurate calculation is readily available.

A company rents a building with a total of 60,000 square feet, which are evenly divided between two floors. The company allocates the rent for space on the first floor at twice the rate of space on the second floor. The total monthly rent for the building is $36,000. How much of the monthly rental expense should be allocated to a department that occupies 12,000 square feet on the second floor

When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt=rS, where r is the annual rate of interest.
a) Find the amount of money accrued at the end of 5 years when $6000 is deposited in a savings account drawing 534% annual interest compounded continuously. (Round your answer to the nearest cent.)
b) In how many years will the initial sum deposited have doubled? (Round your answer to the nearest year.)
c) Use a calculator to compare the amount obtained in part a) with the amount S=6000(1+14(0.0575))5(4) that is accrued when interest is compounded quarterly. (Round your answer to the nearest cent.)