Cheng Co. reports the following information for the coming year. Labor rate, including fringe benefits $ 50 per labor hour Annual labor hours 3800 hours Annual materials purchases $ 560,000 Annual overhead costs: Materials purchasing, handling, and storage $ 39,200 Other overhead $ 114,000 Target profit margin (on both labor and materials) 30 % Determine its (a) pricing (rate) per hour of direct labor (in $) and (b) materials markup (in %).

Which of the following statements are false regarding activity-based costing? non-manufacturing costs are important to include when calculating the cost of each product. costs are allocated based on a pre-determined overhead rate. transitioning from traditional costing methods to activity-based costing can be complicated and costly. activity-based costing follows the same basic calculation methods as traditional costing approaches. none of the above

Which of the following best explains why the demand for housing is more flexible than the supply? a. new housing developments are being constructed all the time. b. low interest rates for mortgages make buying a home very affordable. c. the increasing population always drives demand upwards. d. people can move more easily than producers can build new homes.

Which of the following represents an unlimited queue? a. toll booth serving automobiles on the interstateb. drive through lane at a fast food restaurantc. faculty office with limited seating during office hoursd. restaurant with no outside seating and limited capacity due to fire departments restrictionse. small barbershop with only 5 chairs for waiting customers