When using an ABC inventory analysis, the inventory items that make up approximately
________ percent but account for approximately ________ percent of total costs are classified as
C items.
A) 10-15; 75 B) 10-15; 10-15 C) 75-80; 10-15 D) 75-80; 75-80
C
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When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to
a. Accounts Receivable. b. Bad Debt Expense. c. Bad Debt Income. d. Uncollectible Accounts Recovered.
The term regional product is synonymous with local product in the United States
Indicate whether the statement is true or false
Melinda, Inc. estimates manufacturing overhead costs for the coming year at $225,000, which will be allocated based on direct labor hours. Melinda estimates 9,000 direct labor hours for the coming year. In January, Job A33 was completed, which required 8 direct labor hours and 34 machine hours.
Provide the journal entry to allocate manufacturing overhead to the job. Omit explanation.
Preventative maintenance is an example of ______.
a. damage control b. preliminary control c. concurrent control d. rework control