1. • Price is the same as total cost.

     True/False

   • Given the following information, is purchasing performing well in buying iron castings?

     	Sept 20, 2015	Dec 31, 2015
     Price Paid To Supplier	$52.50	$53.20
     % Increase	=(53.20-52.50)52.50	1.333% (increase)
     Iron Castings from PPI	127.20	127.5
     % Increase	=(127.5-127.2)127.2	0.236% (increase)

     • a. Fantastic job (i.e. you deserve a promotion)
     • b. Terrible job (i.e. you deserve to get fired)
     • c. Good job (i.e. you can keep job and youll likely earn a bonus)
     • d. Mediocre job (i.e. you will likely keep job but you wont receive bonus)
     • e. You give up! You have no clue.

   • Factory overhead is calculated as a percent of material costs. T/F

   • The target costing process takes place at the finished good level.

     True/False