Answer:
c. Steve records receivables and writes off bad debts.
Explanation:
Segregation of duties is an internal control measure implemented by an organization to reduce the risk of fraud or error. It is the practice of separating duties to ensures mistakes, whether deliberate or not, do not happen without being detected by some else. In the segregation of duties, one person does not control transactions from start to finish.
Steve's role is of receiving inventories, and writing off bad debts poses a risk to the business. The two transactions relate to debt management. There is a likelihood of Steve interfering with accounts to records them as bad debts, yet he has received payments
Answer:
Winter Company's total manufacturing costs for the year was $850,000
Explanation:
Manufacturing cost is the cost used to manufacture a product, both direct and indirect cost incurred in manufacturing process are included. It is the total value of material cost, labor cost and overhead cost.
Direct Material Cost = $500,000
Manufacturing overhead applied = $150,000
As we know Manufacturing overhead applied was 75% of direct Labor cost.
Direct Labor cost = Manufacturing overhead applied / 75%
Direct Labor cost = 150,000 / 75% = $200,000
Total Manufacturing Cost = $500,000 + $200,000 + $150,000 = $850,000
Answer:
overhead cost = $600
Explanation:
given data
overhead rate = $120 per labor hour
time required = 5 hours
to find out
overhead cost
solution
we get here overhead cost that is express as
overhead cost = overhead rate × time required ..............1
put here value and we get
overhead cost = $120 × 5
overhead cost = $600
A business owned by shareholders, also called stockholders, who own the rights to the company's profits but face only limited liability for the company's debts and losses.
Answer:
The correct answer is letter "A": cost-based pricing strategy.
Explanation:
Cost-based pricing strategy is one of the most basic methods of setting the price of a product consisting only in determining the fixed price of the good or service at first and, after obtaining that amount, adding a percentage according to what the profits are expected. The selling price of the product becomes the sum of the fixed costs and the percentage of the fixed costs expressed un dollar amounts (or the currency that applies).
