The two categories of completed units needed in the FIFO method so that each category can be costed correctly are:
A) beginning work-in-process units and units started.
B) units started and completed and ending work-in-process units.
C) beginning work-in-process units and units started and completed.
D) other categories.
C
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Payment of a dividend increases both cash and stockholders' equity of the distributing business
a. True b. False Indicate whether the statement is true or false
With LIFO, cost of goods sold is $195,000, and ending inventory is $45,000 . If FIFO ending inventory is $65,000, how much is FIFO cost of goods sold?
a. $215,000 b. $195,000 c. $175,000 d. $65,000
Which of the following is true regarding business transactions?
a. Business transactions are not recorded in the books of an organization. b. Business transactions are recorded in the books of an organization only when the transaction is over $1,000. c. Business transactions do not have to be recorded in the books of the organization. d. All business transactions can be stated in terms of changes in the elements of the accounting equation.
Which of the following equations best depicts a basic production budget?
A) Required production = Projected sales - Desired ending inventory + Beginning inventory B) Required production = Projected sales + Desired ending inventory - Beginning inventory C) Required production = Projected sales - Desired ending inventory - Beginning inventory D) Required production = Projected sales + Desired ending inventory + Beginning inventory