Goods that are partially completed by a manufacturer are a.work in process inventory b.materials inventory c.merchandise inventory d.finished goods inventory

Answer:

a. work in process inventory

Explanation:

In Business, 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.

Simply stated, an inventory can be classified into three (3) main categories; 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.

Also, the three (3) main cost concept associated with an inventory are;

1. First In First Out (FIFO).

2. Last In First Out (LIFO).

3. Weighted average cost.

Goods that are partially completed by a manufacturer are work in process (WIP) inventory.

Bricktan Inc. makes three products, basic, classic, and deluxe. The maximum Bricktan can sell is 715,000 units of basic, 420,000 units of classic, and 120,000 units of deluxe. Bricktan has limited production capacity of 90,000 hours. It can produce 10 units of basic, 8 units of classic, and 4 units of deluxe per hour. Contribution margin per unit is $15 for the basic, $25 for the classic, and $55 for the deluxe. What is the most profitable sales mix for Bricktan Inc.? 1
A. 50,000 basic, 120,000 classic and 240,000 deluxe.
B. 75,000 basic, 420,000 classic and 120,000 deluxe.
C. 600,000 basic, 0 classic and 120,000 deluxe.
D. 71,500 basic, 420,000 classic and 240,000 deluxe.
E. 300,000 basic, 240,000 classic and 120,000 deluxe.

To ensure that a borrower is not using short-term bank credit to finance a part of its permanent needs for funds, banks often require borrowers to clean up their short-term loans for a 30-45 day period during the year.

a. True
b. False

Classification of cash flows [LO21-3, 21-4, 21-5, 21-6]
Listed below are several transactions that typically produce either an increase or a decrease in cash. Indicate by letter whether the cash effect of each transaction is reported on a statement of cash flows as an operating (O), investing (I), or financing (F) activity.
Transactions
1. Sale of Common Stock.
2. Sale of Land
3. Purchase of Treasury Stock
4. Merchandise Sales
5. Issuance of a long-term note payable
6. Purchase of merchandise
7. Repayment of note payable
8. Employee salaries
9. Sale of equipment at a gain.
10. Issuance of bonds
11. Acquisition of bonds of a another corporation
12. Payment of semiannual interest on bonds payable
13. Payment of a cash dividend
14. Purchase of a building
15. Collection of a nontrade note receivable (principal amount)
16. Loan to another firm.
17. Retirement of common stock.
18. Income taxes.
19. Issuance of short-term note payable
20. Sale of copyright

Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 300,000 cans were produced using 1,240,000 ounces of aluminum. The actual cost of aluminum was $0.18 per ounce and the standard price was $0.08 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable. Materials Price Variance$fill in the blank 1 Material Usage Variance$fill in the blank 3

An employee on the Internet-facing part of a company's website submits a 20-character phrase in a small textbox on a web form. The website returns a message back to the browser stating Error: Table 'advprofile' entry into column 'Inane' has exceeded number of allowed characters. Error saving database information. Of which of the following is this an example?
A. Resource exhaustion
B. Buffer overflow
C. Improperly configured account Improper error handing

Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. What is the taxable income?

Company J must choose between two alternate business expenditures. Expenditure 1 would require a $80,000 cash outlay and Expenditure 2 requires a $60,000 cash outlay.

a. Determine the marginal tax rate at which the after-tax cash flows from the two expenditures are equal assuming that Expenditure 1 is fully deductible and Expenditure 2 is nondeductible.
b. Determine the marginal tax rate at which the after-tax cash flows from the two expenditures are equal assuming that Expenditure 1 is 50% deductible and Expenditure 2 is nondeductible.

A journal entry for a payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states the effect of the error on the trialâ balance?
A. The sum of the credits will equal the sum of the debits.
B. The sum of the debits will exceed the sum of the credits by .
C. The sum of the debits will exceed the sum of the credits by .
D. The sum of the credits will exceed the sum of the debits by .

Assume that inflation averages 3.50% over the next 20 years. If Carlos invests $25,000 in an exchange-traded fund within a tax-deferred account and that investment grows to $45,000 at the end of 20 years, will he have maintained his purchasing power

Tái chế không phải 1 phương pháp hoàn hảo để giải quyết vấn đề ô nhiễm mt

ADP reports the following income statement.
AUTOMATIC DATA PROCESSING INC.
Statement of Consolidated Earnings
For Year Ended June 30, 2019, $ millions
Total revenues $14,175.2
Operating expenses 7,145.9
Systems development and programming costs 636.3
Depreciation and amortization 304.4
Total cost of revenues 8,086.6
Selling, general, and administrative expenses 3,064.2
Interest expense 129.9
Total expenses 11,280.7
Other income expense, net 111.1
Earnings before income taxes 3,005.6
Provision for income taxes 712.8
Net earnings $ 2,292.8
Forecast ADP’s 2020 income statement assuming the following income statement relations. All percentages (other than total revenue growth and provision for income taxes) are based on historic percent of total revenues.
Total revenues growth 13%
Depreciation and amortization $460.5 million
Interest expense No change
Other (income) expense, net No change
Income tax rate 25%
Round your answers to one decimal place.

A machine costs $5240 and produces benefits of $1000 at the end of each year for eight years. Assume an annual interest rate of 10%. Use engineering economics principals a.) What is the payback period in years

Assume the government has a balanced budget and that the economy is experiencing a period of growth higher than predicted. The tax revenue collected by the government is likely to ________, which would lead to a ________.

a face value of $450 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 8%. Assuming that Auerbach issued the bonds for $388,844,955, what interest expense would it recognize in its 2021 income statement

MC Qu. 59 A company's flexible budget for... A company's flexible budget for 16,000 units of production showed sales, $96,000; variable costs, $56,000; and fixed costs, $20,000. The sales expected if the company produces and sells 20,000 units is (Do not round intermediate calculations):

The papilla supplies nourishment to the

6. Why is training important?​

______ occur whenever a third party receives or bears costs arising from an economic transaction in which the individual (or group) is not a direct participant.

a. Pecuniary benefits and costs
b. Externalities
c. Intangibles
d. Monopoly costs and benefits

Opportunity cost is the amount of increase or decrease in cost that would result from the best available alternative to the proposed use of cash or its equivalent.
a) true
b) false

Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy:

Direct materials: 7 microns per toy at $0.33 per micron
Direct labor: 1.4 hours per toy at $6.70 per hour

During July, the company produced 5,000 Maze toys. The toy's production data for the month are as follows:

Direct materials: 70,000 microns were purchased at a cost of $0.29 per micron. 26,250 of these microns were still in inventory at the end of the month.
Direct labor: 7,500 direct labor-hours were worked at a cost of $54,750.

Required:
a. Compute the following variance for july
b. The materials price and quantity variances
c. The labor rate and efficiency variances

On July 1, 2022, Cullumber Company sells equipment for $146000. The equipment originally cost $480000, had an estimated 5-year life and an expected salvage value of $50000. The Accumulated Depreciation account had a balance of $301000 on January 1, 2022, using the straight-line method. The gain or loss on disposal is

Copy equipment was acquired at the beginning of the year at a cost of $50,320 that has an estimated residual value of $4,600 and an estimated useful life of 5 years. It is estimated that the machine will output an estimated 1,143,000 copies. This year, 288,000 copies were made. a. Determine the depreciable cost. $fill in the blank 1 b. Determine the depreciation rate. Round your answer to two decimal places. $fill in the blank 2 per copy c. Determine the units-of-output depreciation for the year

Unearned revenues are liabilities because:______.
A. the customer may someday return items purchased for a refund.
B. no cash has changed hands.
C. the company is transferring them to another period for tax reasons.
D. goods or services have been paid for, but not yet provided to the customer.

You are closing the accounts you used to bill the project costs, but you still have some lingering expenses. Which best practice should you follow?

Typical Request and Response Messages
The purpose of many business messages is to make a request or to reply to previously received communication. Familiarize yourself with the organization of these messages so you can communicate your purpose and achieve a positive outcome.
Read the scenario:
The office manager asks you for advice on how to structure a request message with numerous questions.
What advice would you give?
A. Give an approximate date for the deadline in the body.
B. Place the deadline in the opening.
C. Set an end date to take action in the closing.
Read the following request message:
To: Customer Support
From: Helen Martin
Subject: Warranty Information for Netbook Computer
Dear Customer Service,
I need this information by noon tomorrow at the latest. My team has an important presentation to give, and my netbook crashed while we were working on the presentation. I can’t find the warranty information anywhere. So I have a few questions.
Where is my warranty information? How long does it normally take to repair these machines? Do I have to mail the netbook to you, or can I bring it to your local repair shop?
Will you please answer these questions in a timely manner? Thank you in advance for your help.
Regards,
Helen Martin
1. Where do I find my warranty information?
Reason A: 2. How long does the average netbook repair take?
3. Do I need to mail in my netbook for repairs or bring it to your local repair shop?
Revision B: Where is my warranty information? How long does the average repair take? Do I have to mail in my netbook?
Revision C:
Where do I find the information?
How long does it take?
Can I take it to my local shop?
Which of the preceding revisions is the best revision for the body of this message?
A. Revision B
B. Revision C
C. Revision A
In addition to making requests, you will have to respond to requests in the business world.
Complete the following sentence with the dropdown menu.
Direct response messages might _______?
A. include long, flowery descriptions
B. use the "me" view
C. supply explanations and additional information
Many businesses use social media to communicate with customers. In order to make the most of social media, you should learn how to respond to various types of customer comments.
Read the scenario, and then answer the question.
You manage the social media presence of a company that manufactures travel apparel and gear. A customer posts an angry comment about a suitcase that failed to function properly after its first use. This is not the first complaint the product has received.
How should you respond to the customer?
A. Acknowledge the problem, and let the customer know that the company is working to rectify the situation.
B. Document and delete the comment. You don’t want news of the flawed product to spread.
C. Let the comment stand. No response is necessary.

McKean Corporation authorized 500,000 shares of common stock in its articles of incorporation. On May 1, 2019, 100,000 shares were sold to the company's founders. However, on October 15, 2019, McKean repurchased 20,000 shares to settle a dispute among the founders. At this date, how many shares were issued and outstanding, respectively?

Four aspects of empowered performance are understanding variation, deciding what to measure, working correctly with data, and using the resulting information appropriately.

a. True
b. False

During the month of August, Ranson Productions applied overhead to jobs using an overhead rate of $0.60 per dollar of direct labor. Actual direct labor in August was 12,000 hours at $15.00 per hour, for a total of $180,000. Estimated overhead in August was $111,600.
Actual overhead was composed of the following items:
Indirect materials $ 16,400
Indirect labor 22,000
Utilities 24,500
Depreciation 38,700
Repair expense 13,500
Total $115,100
How much overhead was applied during August by Ranson Productions?
A. $115,100
B. $108,000
C. More information is needed to answer
D. $111,600

1. The process of establishing the image or identity of a brand or product so that customers perceive it in a certain way is the definition of which of the following terms?

A. Marketing Strategy,
B. Social Media,
C. Marketing Position,
D. Target market

2. Anton's Coffee positions itself to provide the highest quality and most unique coffee drinks in the area. This is an example of which of the following?

A. Marketing Strategy
B. Social Media
C. Target Market
D. Marketing Postion

Old Tired Professor Mullen, Inc. has $20,000 of ending (EI) finished goods inventory. If beginning (BI) finished goods inventory was $10,000 and Cost of Goods Sold (CGS) (OUT) was $40,000, how much would the Old Tired Professor report for Cost of Goods Manufactured (CGM) (IN)