Sales forecasts drive the production plan and goods are produced in large batches with this type of manufacturing:
a. pull
b. push
c. JIT
d. SCM
B
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George Company purchased a van on May 1, 2018, for $800,000. Estimated life of the van was five years, and its estimated residual value was $80,000. George uses the straight-line method of depreciation. Prepare the journal entry to record the depreciation expense for 2018 on the van. Omit explanation.
What will be an ideal response?
After all closing entries have been posted, the balance of the Income Summary account will be zero
Indicate whether the statement is true or false
Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2018. The following data were available: ? ? Excess of FIFO ? ? Ending Inventory ? Pretax Operating over LIFO Year Income using LIFO Ending Inventory 2018 $40,000 $8,000 2017 20,000 7,000 2016 30,000 4,000 The income tax rate is 35%. The company began operations on January 1, 2016, and has paid no dividends since inception. ? Required: Answer the following questions relating to the 2017-2018 comparative financial statements. a.What is net income for 2018?b.What is restated net income for 2017?c.Prepare the 2017 statement of retained earnings as it would appear in the comparative 2017-2018 financial statements.
What will be an ideal response?
The template is based on ________ generated during the enrollment scan
A) scan data B) key features C) Both A and B D) Neither A nor B