Answer the following statements true (T) or false (F)
1. Inventory layers track cost and quantity of each purchase.
2. The journal entries to record the purchases of inventory on account are different based on the costing method chosen.
3. The various inventory costing methods will still produce the same cost of goods sold value.
4. Ending inventory values differ based on the inventory costing method used.
5. In a perpetual inventory system, costs which flow through the Inventory account include shipping costs and the cost of sales.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. TRUE
You might also like to view...
Maslow's hierarchy of needs is an explanation of how motives operate.
Answer the following statement true (T) or false (F)
One of Matthew Corporation's competitors has learned that Matthew has a total expense per unit of $1.50 at the 15,000 unit level of activity and total expense per unit of $1.45 at the 20,000 unit level of activity. Assume that the relevant range includes all of the activity levels mentioned in this problem. What would be the competitor's prediction of total fixed cost per period?
A. $13,600 B. $22,500 C. $ 3,000 D. $28,000
The International Court of Justice is said to have _____ jurisdiction
A) omni B) equitable C) contentious D) default
Sunn Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During November, the company budgeted for 6,100 units, but its actual level of activity was 6,050 units. The company has provided the following data concerning the formulas to be used in its budgeting: Fixed Element per MonthVariable element per unitRevenue - $33.70 Direct labor$0 $5.90Direct materials 0 10.90Manufacturing overhead 48,400 1.20Selling and administrative expenses 24,800 0.50Total expenses$73,200 $18.50?The manufacturing overhead in the flexible budget for November would be closest to:
A. $55,720 B. $55,660 C. $56,433 D. $55,511