Answer the following statements true (T) or false (F)
1. Repair and maintenance costs of vehicles used to deliver products to customers are product costs.
2. Repair and maintenance costs of vehicles used to deliver products to the customers are included in
manufacturing overhead.
3. Direct materials and direct labor are prime costs.
4. Manufacturing companies produce their own products, but merchandising companies do not.
5. Service companies sell their time, skills, and knowledge.
1. FALSE
2. FALSE
3. TRUE
4. TRUE
5. TRUE
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The introduction to a business speech should
A. contain at least one joke. B. get right to the point. C. contain a phrase like, "I'm honored to be here." D. contain significant details of the presentation. E. contain an unrelated story to catch the interest of the audience.
When using the high-low method, the accountant assumes the fixed portion of mixed costs to be the lowest fixed amount incurred during the period under review
Indicate whether the statement is true or false
[The following information applies to the questions displayed below.] Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information:Jan 1Beginning Inventory300 units @ $2.30Jan 12Purchase400 units @ $2.10Jan 18Sales500 units @ $3.80Jan 21Purchase300 units @ $2.40Jan 25Purchase100 units @ $2.20Jan 31Sales450 units @ $3.80Assuming Chase uses a FIFO cost flow method, what is the ending inventory on January 31?
A. $345 B. $340 C. $1,020 D. $330
A case is:
a. a dispute between two or more parties that is resolved through the legal process b. the breaking of a law c. the breaking of a contract d. the forming of a contract through the legal process e. none of the other choices