Selected data for Young Company for 2009 is presented below:
Direct labor incurred $30,000
Indirect labor incurred 21,000
Factory depreciation 5,000
Factory utilities 7,000
Indirect materials used 2,000
Direct materials used 12,000
Property taxes on factory building 3,000
Sales commissions 8,000
What is the manufacturing overhead for 2009?
A) $50,000 B) $47,000 C) $46,000 D) $38,000
D
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A sale should not be recognized as revenue by the seller at the time of sale if
a. payment was made by check. b. the selling price is less than the normal selling price. c. the buyer has a right to return the product and the amount of future returns cannot be reasonably estimated. d. none of these.
Which of the following statements about the competitive-parity method of budgeting is true?
A) It is the most commonly used bottom-up method for budgeting. B) It works because it relies on dynamic market shares that change annually. C) It is the only top-down budgeting method used to determine promotional budgets. D) It is considered the most logical budgeting method. E) It mirrors the best thinking of others in the business.