AW
Asharia Woolard
Answers (6)
AW
Answered
Total surplus is the excess of consumer surplus over producer surplus.
On Jul 19, 2024
False
AW
Answered
If the retiring partner's interest is sold to one of the remaining partners, the retiring partner's equity is split equally between the remaining partners.
On Jul 16, 2024
False
AW
Answered
Toth,Inc.had net income of $950,000 based on variable costing.Beginning and ending inventories were 60,000 units and 56,000 units,respectively.Assume the fixed overhead cost per unit was $.85 for both the beginning and ending inventory.What is net income under absorption costing?
On Jun 19, 2024
Income under variable costing + FOH in Ending inventory - FOH in Beginning inventory = Income under absorption costing
$950,000 + (56,000 units × $.85)- (60,000 × $.85)= $946,600
$950,000 + (56,000 units × $.85)- (60,000 × $.85)= $946,600
AW
Answered
Open market operations involve each of the following except
A) the National Debt.
B) interest rates.
C) the President.
D) the Board of Governors.
E) the New York Federal Reserve District Bank.
A) the National Debt.
B) interest rates.
C) the President.
D) the Board of Governors.
E) the New York Federal Reserve District Bank.
On Jun 16, 2024
C
AW
Answered
The standards for product V28 call for 7.5 pounds of a raw material that costs $18.10 per pound. Last month, 1,400 pounds of the raw material were purchased for $24,990. The actual output of the month was 160 units of product V28. A total of 1,300 pounds of the raw material were used to produce this output.The direct materials purchases variance is computed when the materials are purchased.Required:a. What is the materials price variance for the month?b. What is the materials quantity variance for the month?
On May 20, 2024
a.Materials price variance = (Actual quantity × Actual price) − (Actual quantity × Standard price)= $24,990 − (1,400 pounds × $18.10 per pound)= $24,990 − $25,340= $350 Favorableb.Standard Quantity = Standard quantity per unit × Actual output = 7.5 pounds per unit × 160 units = 1,200 poundsMaterials quantity variance = (Actual quantity − Standard quantity*) × Standard price= (1,300 pounds − 1,200 pounds) × $18.10 per pound= 100 pounds × $18.10 per pound= $1,810 Unfavorable
AW
Answered
A person admitted into an existing partnership is personally liable for all of the obligations of the partnership arising before his admission.
On May 17, 2024
False