The President of a Consulting Firm Wants to Minimize the Total

question 2

Multiple Choice

The president of a consulting firm wants to minimize the total number of hours it will take to complete four projects for a new client. Accordingly, she has estimated the time it should take for each of her top consultants-Charlie, Betty, Johnny, and Rick-to complete any of the four projects, as follows:
Assume there must be one-to-one matching between consultants and projects. What is the optimal assignment of consultants to projects?

• A) Charlie to A; Betty to B; Johnny to C; Rick to D
• B) Charlie to D; Betty to C; Johnny to B; Rick to A
• C) Charlie to C; Betty to A; Johnny to D; Rick to B
• D) Charlie to D; Betty to B; Johnny to C; Rick to A
• E) Charlie to D; Betty to A; Johnny to C; Rick to B

Allocate underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold.

Prepare income statements incorporating job-order costing information.

Understand the impact of job-order costing data on financial statements and decision-making.

Apply job-order costing methods to assign manufacturing costs to jobs.

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Definitions:

One-sided Test

A hypothesis test in which the alternative hypothesis specifies either an increase or a decrease, but not both.

P-value

The probability of obtaining a statistical summary (e.g., the difference in means) at least as extreme as the one observed in a study assuming the null hypothesis is true.

Two-sided Significance Tests

Statistical tests that assess the significance of an effect in either direction, allowing for the evaluation of both positive and negative differences.

Null Hypothesis

A statistical hypothesis that assumes no significant difference or relationship exists between certain parameters or distributions.