________ produces the lowest cost of goods sold and the highest gross profit when prices are increasing.
A) FIFO
B) LIFO
C) Average cost
D) Specific identification
A) FIFO
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Which of the following is true of the liability to creditors in the process of continuation of a partnership?
A. Withdrawing partners are liable for new obligations though they have given a notice of withdrawal. B. Withdrawing partners are liable for prior obligations even though they are released by novation. C. Continuing partners are the only people liable for prior obligations. D. New partners are liable for prior obligations only to extent of contribution unless they agree to greater liability.
Enumerated or bulleted lists
a. should be placed only in an appendix section of a business document. b. detract from the flow of the written message. c. can be used to add visual impact to items in a series. d. result in too much wasted white space in a business document.
Which of the following is not one of the Caux Round Table Principles for International Business?
A) Support for Multilateral Trade B) Avoidance of Illicit operations C) Respect for the Environment D) Promotion of Multiculturalism E) Responsibility of Business Beyond Shareholders Toward Stakeholders
Barnett Products manufactures three types of remote-control devices: Economy, Standard, and Deluxe. The company, which uses activity-based costing, has identified five activities (and related cost drivers). Each activity, its budgeted cost, and related cost driver is identified below.ActivityCostCost DriverMaterial handling$225,000 Number of partsMaterial insertion 2,475,000 Number of partsAutomated machinery 840,000 Machine hoursFinishing 170,000 Direct labor hoursPackaging 170,000 Orders shippedTotal$3,880,000 The following information pertains to the three product lines for next year: Economy Standard DeluxeUnits to be produced 10,000 5,000 2,000 Orders to be shipped 1,000 500 200 Number of parts per unit 10 15 25 Machine hours per
unit 1 3 5 Labor hours per unit 2 2 2 Under Barnett's activity-based costing system, what is the per-unit overhead cost of Deluxe? A. $320. B. $440. C. $282. D. $272. E. None of the answers is correct.