Answer the following statements true (T) or false (F)
ABP Opinion No. 8 was consistent with the revenue-expense approach.
ANSWER: T
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________ strictly limits the definition of "independent contractors," so that employers cannot avoid legal obligations by classifying workers as self-employed when the organization receives the benefits of a permanent employee.
A. The Consolidated Omnibus Budget Reconciliation Act (COBRA) B. The Internal Revenue Service C. Employee Benefit Research Institute D. The Bureau of Labor Statistics E. The Employee Retirement Income Security Act (ERISA)
Measures of customer complaints and warranty claims are used in tracking
a. materials/scrap control performance. b. inventory performance. c. quality performance. d. delivery performance.
Outbound logistics distributes goods and services to customers.
Answer the following statement true (T) or false (F)
Ting Company started the accounting period with the following beginning balances: Raw Materials Inventory, $21,000; Work in Process Inventory, $45,000; and Finished Goods Inventory, $10,000. During the accounting period, the company purchased $30,000 of raw materials and ended the period with $8,000 in raw material inventory. Direct labor costs for the period were $60,000 and $63,000 of manufacturing overhead costs was allocated to work in process. Ending work in process was $41,000 and ending finished goods was $17,500. Goods were sold during the period for $162,500. The amount of cost of goods manufactured (i.e., amount transferred from work in process to finished goods) would be:
A. $170,000. B. $221,000. C. $166,000. D. $117,500.