Select the proper journal entry to record the movement of 1,450 units of part number 116B to work in process when each unit of PN 116B has a value of $2.00
A) Jan 15 Raw Material Inventory 2,900WIP 2,900
B) Jan 15 Work in Process 2,900Factory Overhead 2,900
C) Jan 15 Work in Process 2,900Raw Material Inventory 2,900
D) Jan 15 Work in Process 2,900 Cash 2,900
C
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Answer the following statements true (T) or false (F)
1) When a company uses the perpetual inventory system, there is no need to conduct a physical count of inventory. 2) The Merchandise Inventory account should stay current at all times in a perpetual inventory system. 3) In a perpetual inventory system, the entry that adjusts the Merchandise Inventory account based on the physical count equals the merchandise inventory balance before adjustment less actual merchandise inventory on hand. 4) The entry to record inventory shrinkage includes a debit to the Merchandise Inventory account. Assume a perpetual inventory system is used. 5) If a physical count of inventory indicates that the Merchandise Inventory account is overstated, an adjusting entry is required to record the difference. Assume a perpetual inventory system is used.
Quin believes that the key to effective management is to involve his team members in the firm's decision-making processes. He surmises that this will allow him and his team to work as one unit, making choices that will benefit them all in addition to the firm. In this case, Quin's thoughts reflect that of a person with
A. an individualistic nature. B. low uncertainty avoidance. C. high power distance. D. a collectivist nature. E. a short-term orientation.
The reason cultural factors are a challenge to global marketers is that they are hidden from view
Indicate whether the statement is true or false
Indicate whether each of the following statements about financial statement analysis is true or false.Having too little inventory can hurt a company's profitability because of lost sales.Having too much inventory can hurt a company's profitability because of excess costs.Generally, a lower inventory turnover indicates that merchandise is being handled more efficiently.Average days to sell inventory is the number of times, on average, that inventory is replaced during the year.Values for the inventory turnover ratio vary widely among different industries.
What will be an ideal response?