When Apple Inc

question 80

Multiple Choice

When Apple Inc.recently introduced the new version of it's iPhone 3G,it was twice as fast,and cost one half the price of the original iPhone.Since it was not trying to reach a new target market,Apple Inc.was using which new product strategy?

• A) improved product
• B) addition to an existing product line
• C) discontinuous innovation
• D) repositioned product
• E) new product line

Recognize how direct labor, direct materials, and factory overhead are accounted for in process costing.

Identify the usage of Work in Process Inventory accounts for each production process or department in a process costing system.

Understand the treatment of indirect materials and factory overhead costs in process costing.

Recognize the role and implications of conversion costs in the process costing system.

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Definitions:

Social Security Tax

A payroll tax that finances the United States' social security program, providing benefits for retirees, the disabled, and children of deceased workers.

Hourly Wage Rate

The amount of money paid for each hour of work performed, typically associated with part-time or contractual employment.

Gross Pay

The total compensation a person receives before any deductions or taxes are taken out.

Medicare Tax Rate

The percentage of an individual's or employer's earnings that is contributed to Medicare, a U.S. federal health insurance program.