For financial reporting, SFAS 151 requires:

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Question 1

Customers expect to pay a price that includes ________.
◦ the cost of unused capacity
◦ only the cost of actual capacity used
◦ variable costs but not capacity costs
◦ the cost of direct materials, direct labor, and fixed overhead

Question 2

For financial  reporting, SFAS 151 requires:
◦ the allocation of fixed manufacturing overhead to production must be based on theoretical capacity of the facilities
◦ the allocation of fixed manufacturing overhead to production must be based on normal capacity of the facilities
◦ the allocation of fixed manufacturing overhead to production must be based on practical capacity of the facilities
◦ the allocation  of fixed manufacturing overhead to production must be based on the average of the capacity of the facilities over the three most recent period

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Thanks for the timely response, appreciate it

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