Which of the following statements is correct?

a. once a firm has defined its purpose, scope, and objectives, it must develop a strategy or strategies for achieving its goals. the statement of corporate strategies sets forth detailed plans rather than broad approaches for achieving a firm's goals.
b. a firm's corporate purpose states the general philosophy of the business and provides managers with specific operational objectives.
c. operating plans provide management with detailed implementation guidance, consistent with the corporate strategy, to meet the corporate objectives. these operating plans can be developed for any time horizon, but many companies use a 5-year horizon.
d. a firm's mission statement defines its lines of business and geographic area of operations
e. the corporate scope is a condensed version of the entire set of strategic plans

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.