Which of the following is not a qualitative factor that Atlas Manufacturing should consider when deciding whether to buy or make a part used in manufacturing their product? a. Quality of the outside producer’s product. b. Potential loss of trade secrets. c. Manufacturing deadlines and special orders. d. Variable cost per unit of the product.

For each situation, list the assumption, principle, or constraint that has been violated, if any. List only one answer for each situation. a.   East Lake Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be sold, is not certain.   choose one of the assumption, principle or constraint                                                           Going concern assumptionPeriodicity assumptionNo violationHistorical cost principleRevenue recognition principleEconomic entity assumption b.   Hilo Company is in its fifth year of operation and has yet to issue financial statements. (Do not use the full disclosure principle.)   choose one of the assumption, principle or constraint                                                           Historical cost principleGoing concern assumptionRevenue recognition principleNo violationPeriodicity assumptionEconomic entity assumption c.   Gomez, Inc. is…

Which of the following statements is true of raw materials? ) a) They are categorized as consumer products. b) They are the goods and services that hold little interest for consumers. (c) Thev include products used in producing other products. © d) Thev are large capital purchases designed for a long productive life.

Overhead application to costs is a critical issue for the costing of your products. We are studying several ways to handle this situation. What would cause an overhead to be overapplied, or underapplied. Discuss the results to your decision making and the financial statements for each of those two situations.

Under variable costing, which of the following costs would not be included in finished goods inventory? a. electricity used by factory machinery b. steel costs for a machine tool manufacturer c. salary of factory supervisor d. wages of machine operator

What affect would closing an OVERAPPLIED Manufacturing Overhead account to Cost of Goods Sold have on the accounting records? Group of answer choices A. Cost of Goods Sold would increase B. Net Income would decrease C. Cost of Goods Sold would decrease Both A & B