(CMA adapted, Dec 95 #29) Refer to the Winner Company example. The total value of inventory to be reported on the balance sheet as of September 30, Year 5, for Winner Company is
a. $22,000
b. $35,000
c. $12,000
d. $69,000
e. $96,000
D
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To record the purchase of assets on account under the modified cash accounting method,
a. no entry is required. b. debit the asset and credit Accounts Payable. c. debit the asset and credit Cash. d. debit Accounts Receivable and credit Accounts Payable.
Summerlin Company budgeted 4,000 pounds of material costing $5.00 per pound to produce 2,000 units. The company actually used 4,500 pounds that cost $5.10 per pound to produce 2,000 units. What is the direct materials quantity variance?
A. $400 unfavorable. B. $2,500 unfavorable. C. $450 unfavorable. D. $2,950 unfavorable. E. $2,550 unfavorable.
In May, a firm experienced a forecast error of -25. In June and July, the forecast errors were found to be -10 and 20, respectively. What is the firm’s forecast MAD for these three months?
a. -15 b. -5 c. 18.3 d. MAD cannot be determined from the information provided
For the purposes of procedural due process, ____ includes certain entitlements conferred by government, such as social security payments and food stamps
A) the right of free speech B) equal protection C) property D) liberty