Which of the following is an example of the external natural environment for a manufacturer of metal lawn furniture?
A. A longer than usual distribution channel due to a rail strike
B. Consumer trend toward treating gardens like another room
C. The popularity of metal lawn furniture that looks vintage rather than newly bought
D. A flood at the manufacturer's main warehouse
E. Inflationary pricing by competitors
Ans: D. A flood at the manufacturer's main warehouse
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Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows:
Materials:(4.0 kilograms × $10.00 per kilogram)$40.00 Labor:(4.0 hours × $18.00 per hour)$72.00 All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July: In-process beginning inventory none In-process ending inventory—90% complete as to labor 1,000unitsUnits completed during the month 7,200unitsBudgeted output 8,000unitsPurchases of materials, in kilograms (AQ) 30,000 Total actual labor costs incurred$525,000 Direct labor hours worked (AQ) 28,000hoursMaterials purchase-price variance$3,000unfavorableIncrease in materials inventory in July 1,500kilogramsBeginning inventory of materials 0kg. The actual total cost of direct materials used in production during July, to the nearest dollar, was:
When goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account, ________
A) total assets and total liabilities increase by the same amount B) total assets of the company remain constant C) total equity and total assets increase by the same amount D) total liabilities increase and total equity decreases by the same amount