The journal entry to record production costs debits Work in Process and credits Finished Goods
Indicate whether the statement is true or false
false
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Cheyenne Company has budgeted the following information for June: Cash receipts$271,000 Beginning cash balance 5,000 Cash payments 280,000 Desired ending cash balance 25,000 If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments and interest is paid monthly at 1% on the first day of the following month. The company had no debt before June 1st. The amount of interest paid on July 1 would be:
A. $290. B. $250. C. $221. D. $400.
Brisa recently had a baby. When she returned from maternity leave, her manager assumed that she would want to work fewer hours and would be distracted by things at home. Although Brisa’s performance remained as high as it had been before the baby, her boss gave her lower marks on her performance appraisal. It is likely her manager made an error due to ______.
A. similarity B. stereotyping C. proximity D. contrast
An important implication of the rise in electronic banking to retailers is the _____
a. growth in national credit and debit cards b. growth in banking from home c. increase in collection responsibilities d. increase in importance of retailer-generated credit cards
Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials Inventory$25,000 Ending Raw Materials Inventory 30,000 Beginning Work in Process Inventory 55,000 Ending Work in Process Inventory 64,000 Beginning Finished Goods Inventory 80,000 Ending Finished Goods Inventory 67,000 Cost of Goods Sold for the period 540,000 Sales Revenues for the period 1,254,000 Operating Expenses for the period 232,000
A. $549,000. B. $536,000. C. $553,000. D. $527,000. E. $525,000.