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  3. to compute the ____________________, it is necessa

To compute the ____________________, it is necessary to subtract the ending work in process inventory...

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Accounting

To compute the ____________________, it is necessary to subtract the ending work in process inventory from the sum of the beginning work in process inventory and the total manufacturing cost.

Multiple Choice

  • manufacturing overhead

  • cost of goods manufactured

  • cost of goods sold

  • gross profit

A fixed budget is a meaningful way to evaluate manufacturing performance if the activity level used for the budget is

Multiple Choice

  • more than actual.

  • less than actual.

  • similar to actual.

  • a reasonable/logical activity measure.

In a factory, the fixed costs per unit are $55 when 900 units are produced. If 1,000 units are produced, the fixed costs per unit would be

Multiple Choice

  • $18.18.

  • $55.00.

  • $61.11.

  • $49.50.

What is one difference between the current ratio and the acid-test ratio?

Multiple Choice

  • Only the current ratio includes the balance of the Cash account within one of the required figures.

  • The acid-test ratio is a more immediate measure of liquidity than the current ratio.

  • Current liabilities represent the numerator for one ratio and the denominator for the other ratio.

  • One is a liquidity ratio and one is a financial strength ratio.

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