Product costs: Multiple Choice Are expenditures necessary and integral to finished products. Are expenditures identified more with a time period rather than with units of product. Include selling and administrative expenses. Are expensed on the income statement when incurred. Are moved to the income statement for any unsold inventory at the end of the year.

Answer:

Are expenditures necessary and integral to finished products.

Explanation:

The product cost is that cost i.e. incurred for making a product

It is a necessary expenditure and would consider an important part of finished product. All those cost i.e. spent to make a finished product is known as product cost

therefore, first option is correct

Kieso Company borrowed $740,000 for three months. The annual interest rate on the loan was 9%. Kieso's fiscal year ends on December 31. Kieso borrowed the $740,000 one month prior to the start of its current fiscal year and paid back the $740,000 plus interest two months into its current fiscal year. How much interest expense, if any, would Kieso report at the end of its last fiscal year and at the end of its current fiscal year

E7.5 (LO 2) (Recording Sales Gross and Net) On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $90, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Instructions a. Prepare journal entries on the Arnold Company books to record all the events noted above under each of the following bases. 1. Sales and receivables are entered at gross selling price. 2. Sales and receivables are entered at net of cash discounts. b. Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29.

Aggies Candle Factory has recently been awarded a new contract with a large retailor in Doylestown. Demand for the candles is 25,0000 which a larger order than the company has ever handled before. They have called a business strategy meeting to ensure success of this project.; the Operations Manager has presented two different manufacturing options for consideration by the board:
Option A is highly automated with fixed costs of $25,000 and variable costs of $.1/candle.
Option B uses hand labor with fixed costs of $10,000 and variable costs of $.5/candle.
Which option should the board select and why?

The purpose of this assignment is to identify and research a potential problem that technology could assist in solving. The ultimate goal is to imagine where technology will be in 18-36 months and how it will solve problems. Technology is constantly growing exponentially. As entrepreneurs, you have opportunities to use this technology to solve grand problems within the world that would better the human condition.
Write a one to three sentence problem statement highlighting a single key issue and answering the following questions
i: What is the problem?
ii: Approximately how many people are affected by the problem?
iii: To what extent are people affected?
iv: What aspects of life is affected?

Which of the following is NOT a benefit provided by a stakeholder analysis document?
Select an answer:
You will know who the project stakeholders are.
You can prioritize stakeholders so you make sure to keep the most important ones happy.
You will know the best way to communicate project information to the stakeholders.
You will understand the best way to work with different stakeholders to get results.

Orange, Inc., a calendar year corporation, elects S corporation status for 2020. The company generated a $335,200 NOL in 2019 and another NOL of $201,120 in 2020. Orange recorded no other transactions for the year. At all times in 2019 and 2020, the stock of the corporation is owned by the same four shareholders, each owning 25% of the stock. Pete, one of the shareholders, holds a $26,816 basis in the Orange stock at the beginning of 2020.
Complete the statement below that outlines the Federal income tax issues that Pete faces.
The 2020 C corporation NOL of $74,000 _______ forward into the S corporation year. Therefore, the deductible loss in 2020 by Pete is $______ , with a $_____ carryover.

Average variable cost is equal to the: a. total variable cost divided by the level of output b. marginal cost divided by the marginal product of the variable input c. change in total variable cost divided by the change in output levels d. marginal cost divided by the average product of the variable input e. total variable cost divided by the level of variable input

Suppose you have two options when investing money in the stock market: stock A and stock B. The returns on both are dependent on the state of the economy, which fluctuates with the business cycle. During periods of strong economic growth, the rates of return for stock A and stock B are 16.00 and 9.00, respectively. Periods of weak growth during recessions cause the rates of return for stock A and stock B to fall to 10.00 and -3.00, respectively. Additionally, assume that an economic boom is twice as likely as an economic downturn.a) Calculate Expected return for stock Ab) Calculate expected return for stock B

It is the least expensive automobile insurance coverage.
A) Liability
B) Collision
C) Comprehensive
D) Full

The Dow Jones is currently valued at $24,000 and the 1-year Dow Jones Mini Future contract has a price of $24,750. Note Dow Jones future contracts are for 5 times the value of the contract price. The risk free rate is 3% per annum and the Dow Jones dividend yield is 0.75% per annum. You are managing a portfolio that is worth $15 million and has a beta of 1.25.A) What position in futures contracts on the S&P 500 is necessary to hedge the portfolio?
B) 6 months have passed and the Dow Jones is now valued at $24,720 and the future price is now $25,100. What is our portfolio value of your portfolio with the hedge from part a?

Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $401,400; materials of $413,000 and direct labor of $223,000. During the year Adams incurred $424,000 in materials costs, $418,900 in overhead costs and $227,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.

High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant’s operation: Beginning inventory 0 Units produced 47,000 Units sold 42,000 Selling price per unit $ 84 Selling and administrative expenses: Variable per unit $ 4 Fixed (per month) $ 560,000 Manufacturing costs: Direct materials cost per unit $ 17 Direct labor cost per unit $ 7 Variable manufacturing overhead cost per unit $ 3 Fixed manufacturing overhead cost (per month) $ 893,000
Management is anxious to assess the profitability of the new camp cot during the month of May.
Required:
1. Assume that the company uses absorption costing.
a. Calculate the unit product cost.
b. Prepare an income statement for May.
2. Assume that the company uses variable costing.
a. Calculate the unit product cost.
b. Prepare a contribution format income statement for May.

On January 1, Year 1, Samuel Company leases equipment from Lease Corp. The lease agreement specifies five annual payments of $50,000, with the first payment due at lease signing (January 1, Year 1), and at each January 1 from Year 2 to Year 5. At the end of the lease term, the equipment will be returned to the lessor and is expected to have a residual value of $30,000. The estimated useful life of the equipment is six years. The interest rate in the financing arrangement is 6%. The cost to Lease Corp of manufacturing the equipment is $150,000. The journal entry for the Lessor on January 1, Year 1 will include __________-

Match each phrase that follows with the term (a–h) it describes.

a. Direct labor and factory overhead
b. Direct labor and direct materials
c. Transferred-in costs
d. Equivalent units
e. Process costing
f. Job order costing
g. First-in, first-out method
h. Cost of production report

1. A process costing method that costs each period’s equivalent units of work with that period’s costs per equivalent unit
2. Measure of the work done during a production period, expressed in terms of fully complete units of output
3. Conversion costs
4. Summary of the activity in a processing department for a specific period
5. Costing system used by a company producing computer chips
6. Prime costs
7. Costs incurred in a previous process that are carried forward as part of the product’s cost when it moves to the next department
8. Costing system used by a company producing custom window treatments

Tiffany, who is married to Saul, takes out a $1,000,000 life insurance policy on Saul's life in 2008. Two years later they get divorced and Tiffany immediately remarries. Saul is not required to pay any alimony or child support to Tiffany after the divorce. In 2015, Saul dies. What will Tiffany collect on the life insurance policy, assuming she continued to pay all premiums due following their divorce?
a. $0, because Tiffany has no insurable interest.
b. $1,000,000, because Tiffany had insurable interest in Saul's life when the policy was purchased.
c. $1,000,000, because Tiffany had insurable interest in Saul's life at the time of his death.d. $0, because Saul was not ordered to pay alimony to Tiffany.

What was the opening price of Coca-Cola on Jan 1, 1962?

11. Purchased a parcel of land on March 1, 2020 for $950,000 by paying $490,000 in cash and signing a short-term note payable with the seller for $460,000. You must repay the $460,000 in exactly one year on March 1, 2021. You agree to pay the seller 5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2020, and March 1, 2021). [Adjusting Entry Required]

The manufacturing division of an electronics company uses activity-based costing. The company has identified three activities and the related cost drivers for indirect production costs:
Activity Cost Driver
​Activity 1 Direct materials CostActivity 2 Direct Labor Cost
Activity 3 Kilowatt Hours
Three types of products are produced. Direct costs and cost-driver activity for each product for a month are as follows:
Product A Product B Product C
Direct material cost $75,000 $50,000 $125,000
Direct Labor Cost $6,600 $1,000 $3,000
Direct Labor hours $2,000 $1,000 $2,000
Kilowatt hours $150,000 $200,000 $150,000
Indirect productioncosts for the month are as follows:
Activity 1 $30,000
Activity 2 $20,000
Activity 3 $16,000
Total $66,000
A.) Compute the indirect production costs allocated to each product using the ABC system?
B.) Compute the indirect production costs allocated to each product using a traditional costing system. Assume indirect production costs are allocated to each product using the cost driver: direct labor hours?

Roberta is the supervisor of a fund-raising project. She notices that her team members are not able to meet the targets and they have deviated from the planned schedule. To understand the situation and the challenges that the team members are facing, Roberta wants to reach out to all the team members and establish an open communication culture. To convey her message clearly, the most appropriate way for Roberta would be to:

Oak Ridge Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 60,700 tons from the Casting Department. During July, the Rolling Department completed 74,500 tons, including 19,300 tons of work in process on July 1. The ending work in process inventory on July 31 was 5,500 tons.

Required:
How many tons were started and completed during July?

Person Status
Manuel is a 41-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Poornima is a 23-year-old recent college graduate . She did not work for pay last week, but she had two job interviews.
Shen is a 29-year-old retired professor. He enjoys volunteering at the local public library.
Caroline is a 29-year-old who lost her job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, she gave up on her job search and decided to go back to grad school. She made that decision a few months ago
Antonio is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading.
Valerie is a 11-year-old student at West Valley Middle School. She baby-sits her younger sister and does other chores for which her parents give her an allowance of $20 per week.
Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. Labor Force Participation Rate =________
According to this formula, what is the labor force participation rate of this economy of six people?
a. 33.33%
b. 40%
c. 50%
d. 60%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate = _______
According to this formula, what is the unemployment rate of this economy of six people?
a. 33.33%
b. 50%
c. 40%
d. 60%

what are the major elements of market management? list them in 5 points.​

Flexibility of practice when applied to managerial accounting means that: Multiple Choice The information must be presented in electronic format so that it is easily changed. Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for. Managerial accountants must be on call twenty-four hours a day. Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations. Managers must be flexible with information provided in varying forms and using inconsistent measures

You are comparing replacing the current lab, which has a cost function of 400,000 + 15*Volume, with an automated lab that has a cost function of 500,000 + 10*Volume. Doing so would reduce the error rate from 1.5 percent to 1 percent. Your volume is expected to be 45,000 tests per year.

a. You should keep the current lab because its fixed costs are smaller.
b. You should adopt the automated lab because its total costs and error rate are smaller.
c. You should keep the current lab because its total costs and error rate are about the same.
d. None of the above

Equipment costing $130,000 is expected to have a residual value of $10,000 at the end of its six-year useful life. The equipment is metered so that the number of units processed is counted. The equipment is designed to process 1,000,000 units in its lifetime. In 2019 and 2020, the equipment processed 180,000 units and 140,000 units respectively. Calculate the depreciation expense for 2019 and 2020 using each of the following methods:

The cash flows of a project should: Multiple Choice be computed on a pretax basis. include all sunk costs and opportunity costs. include all incremental and opportunity costs. be applied to the year when the related expense or income is recognized by GAAP. include all financing costs related to new debt acquired to finance the project.

Steve and Craig have been shipwrecked on a deserted island in the South Pacific. Their economic activity consists of either gathering pineapples or fishing. We know Steve can catch four fish in one hour or harvest two baskets of pineapples. In the same time Craig can reel in two fish or harvest two baskets of pineapples. Assume Craig and Steve both operate on straight-line production possibilities curves. What is Steve's opportunity cost of producing a basket of pineapples

A cell-phone repair shop consists of three processes. Step 1 requires 6 minutes per unit, step 2 requires 5 minutes per unit and step 3 requires 7 minutes per unit. 30% of units that complete the third step require rework, which means those units must start the process over at step 2 (processing times are the same for units being reworked) and rework is always successful. Demand at the shop is 0.5 units per minute Instruction: Round your answer to three decimal places What is the capacity of the shop in units per units per minute)?

Talamoto Co. manufactures a single product that goes through two processes — mixing and cooking. The following data pertains to the Mixing Department for September.
Work-in-process Inventory Sept. 1 28,000 units
Conversion complete 70%
Work-in-process inventory Sept. 30 16,000 units
Conversion complete 50%
Units started into production in Sept. 72,000
Units completed and transferred out ? units
Costs
Work-in-process inventory Sept.1 $120,000
Material P 110,000
Material Q 165,000
Conversion
Costs added in September
Material P $180,000
Material Q 165,000
Conversion 354,800
Material P is added at the beginning of work in the Mixing Department. Material Q is also added in the Mixing Department, but not until units of product are forty percent completed with regard to conversion. Conversion costs are incurred uniformly during the process.
Total equivalent units for Material P under the weighted-average method are calculated to be:
______________.
A. 100,000 equivalent units.
B. 92,000 equivalent units.
C. 84,000 equivalent units.
D. 72,000 equivalent units.
E. 68,000 equivalent units.

How would an increase in taxes influence the size of the multiplier in a four sector?​