Mendez Inc. had the following information for the preceding year: Beginning Inventory (1/1) Ending Inventory (12/31) Work in Process Inventory$?? $35,000 Finished Goods Inventory$?? $30,000 Additional information for the year is as follows: Direct materials used$200,000Direct labor$150,000Manufacturing overhead applied$160,000Cost of goods manufactured$525,000Cost of goods sold$544,000What was the beginning Work in Process Inventory balance on 1/1?
A. $49,000
B. $69,000
C. $50,000
D. $65,000
Answer: C
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Which of the following statements is true about advertisements that are created using emotional appeals?
A) Emotional appeals are rarely used for television advertisements. B) It is difficult to use emotional appeals for those products which do not have any tangible differential advantage. C) Advertisements created using emotional appeals focus on imagery and symbols. D) Advertisements created using emotional appeals have poor recall.
Which of the following statements is true about successful efforts accounting?
A) It is a depreciation method. B) All costs are recorded as assets and then depleted over the resource's useful life. C) The cost of a dry well would be written off immediately as a loss. D) The cost of successful exploration is recorded as an asset and is not written off.
Which of the following doctrines helps a plaintiff to recover damages when a manufacturer fails to meet the standards imposed by a statute?
A) res ipsa loquitur B) breach-of-warranty doctrine C) disclaimer doctrine D) negligence per se
On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the allowance method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets?
A. Decrease in net income; no effect on total assets. B. Increase in net income; no effect on total assets. C. No effect on net income; decrease in total assets. D. Decrease in net income; decrease in total assets. E. No effect on net income; no effect on total assets.