Complete

question 72

Short Answer

Complete:
$$\begin{array} { | l | l | l | } \hline \text { Current Assets } & \text { Amount } & \begin{array} { l } \text { Round to Nearest Hundredth } \\\text { Percent }\end{array} \\\hline \text { Cash } & \$ 12,000 & \text { B } \\\hline \text { Accounts Receivable } & \$ 9,000 & \text { C } \\\hline \text { Prepaid Rent } & \$ 5,000 & \text { D } \\\hline \text { Merchandise Inventory } & \$ 28,000 & \text { E } \\\hline \text { Total Current Assets } & \text { A } & 100 \% \\\hline\end{array}$$

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Definitions:

Standard Quantity Of Hours

The standard quantity of hours refers to the pre-determined amount of labor hours estimated to be necessary to produce a single unit of output.

Standard Cost Per Mip

The predetermined cost of manufacturing one unit of product, where Mip is typically a measure of output.

Direct Labour Efficiency Variance

A measure used in cost accounting to determine the difference between the labor time expected to produce goods and the actual labor time used.

Standard Price

The predetermined cost expected to be paid for goods and services under normal conditions.