During a period of rising inventory prices, a company's cost of goods sold would be higher using the LIFO cost flow method than with FIFO.
Answer the following statement true (T) or false (F)
True
During a period of rising inventory prices, cost of goods sold will include the higher, most recent prices when LIFO is used.
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Any ethical apology begins with ______.
A. expression of regret for the harm caused B. an explanation for the problematic behavior C. acknowledgement that an offense has occurred D. an effort to repair the damage
Refer to the following adjusted trial balance
Accounts Debit Credit Cash $15,500 Accounts Receivable 8,400 Office Supplies 900 Equipment 9,400 Accumulated Depreciation- Equipment $3,000 Accounts Payable 1,800 Salaries Payable 700 Unearned Revenue 550 Common Stock 3,900 Dividends 1,000 Service Revenue 52,050 Salaries Expense 23,000 Supplies Expense 2,200 Depreciation Expense- Equipment 1,600 Total $62,000 $62,000 What will the final ending balance in the Retained Earnings account be after posting the closing entries? A) $24,250 B) $25,250 C) $29,150 D) $26,250
Contract duties cannot be assigned but they can be delegated.
Answer the following statement true (T) or false (F)
San Juan Minerals (SJM) has two service departments and two operating departments. Operating data for these departments for last year are as follows: Service DepartmentsOperating Departments MaintenanceCafeteriaMiningProcessingDepartmental costs$48,000$45,000$70,000$130,000Machine hours 2,000 1,000 11,000 9,000Number of employees 40 30 400 360 Costs of the Maintenance Department are allocated on the basis of machine hours. Cafeteria costs are allocated on the basis of number of employees. SJM does not distinguish between variable and fixed overhead costs. Assuming that SJM allocates service department costs using the direct method, the total cost allocated from Maintenance to Processing would be closest to:
A. $26,400 B. $21,600 C. $18,783 D. $20,571