Use the Following to Answer Questions

question 1

Multiple Choice

Use the following to answer questions
Scenario III
Scenario III is based on fabricated data inspired by the following study:
U.S. Department of Labor, Bureau of Labor and Statistics (2014) . American Time Use Survey Retrieved from http://www.bls.gov/tus/
American Time Use
The American Time Use Survey (ATUS) is a telephone survey developed by the Bureau of Labor and Statistics (BLS) to examine how U.S. citizens spend their time in a variety of domains, such as leisure activities, volunteer activities, and work. Data are collected via computer-assisted telephone interview. The ATUS has been administered annually since 2003. The major component of the ATUS is the 24-hour time use survey. Respondents are asked to indicate what activities they engaged in, and for how long, during a 24-hour period. The results of the survey are made public on the BLS website and are used widely by researchers in a variety of disciplines. Response rates vary, with survey data obtained from 28,729 individuals in 2003 (response rate 57.8 %) , and 25,487 individuals in 2014 (response rate 51.0%) .
-(Scenario III) Based on the information provided in Scenario III, which statement are you more likely to agree with?

• A) For survey research to be credible, a response rate closer to 100% is required.
• B) This response rate is common and acceptable for survey research.
• C) The BLS probably didn't provide enough of an incentive for participation.
• D) More responses would have been obtained had the BLS conducted face-to-face interviews.

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Definitions:

Total Manufacturing Cost

The aggregate sum of all costs directly involved in the production of goods, including raw materials, labor, and manufacturing overhead.

Underapplied Manufacturing Overhead

A scenario in which the designated costs for manufacturing overhead are below the overhead expenses that have been actually incurred.

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including materials, labor, and overhead costs.

Adjusted Cost of Goods Sold

This refers to the cost of goods sold figure after adjustments for any changes in inventory or other factors affecting the cost of goods produced and sold.