Young Manufacturing uses a process costing system and manufactures its product in three departments. Which of the following is not a way in which Young can use the cost per unit of each process?
A) Young can look for ways to cut the costs when actual process costs are more than planned process costs.
B) Young needs to set the selling price to cover the costs of making the product and provide a profit.
C) Young can only use the cost per unit of each process if all units are fully completed at the end of the accounting period.
D) Young needs to know the ending balances in the following accounts: Work-In-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.
C
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Which element of a master budget would normally be prepared last?
A. A cash budget. B. A budgeted balance sheet. C. A budgeted income statement. D. A production budget.
The weights of items produced by a company are normally distributed with a mean of 4.5 ounces and a standard deviation of 0.3 ounces
a. What is the probability that a randomly selected item from the production will weigh at least 4.14 ounces? b. What percentage of the items weigh between 4.8 to 5.04 ounces? c. Determine the minimum weight of the heaviest 5% of all items produced. d. If 27,875 of the items of the entire production weigh at least 5.01 ounces, how many items have been produced?