Livingston Co. uses process costing to account for the production of elastic bands. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning inventory consisted of $14,000 in materials and $8,000 in conversion costs. April costs were $72,000 for materials and $80,000 for conversion costs. During April 8,000 units were completed. Ending work in process inventory was 4,000 units (100% complete for materials, 50% for conversion). The total cost per unit using the weighted average method would be:
A. $14.0000
B. $15.9667
C. $14.5000
D. $13.8382
Answer: B
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Perry Investments bought 2,000 shares of Able, Inc. common stock on January 1, 2017, for $20,000 and 2,000 shares of Baker, Inc. common stock on July 1, 2017 for $24,000. Baker paid $2,400 of previously declared dividends to Perry on December 31, 2017. At the end of 2017, the fair value of the Able stock was $18,000 and the fair value of the Baker stock was $28,000. The stocks were purchased for short-term speculation prior to the effective date of the change in accounting rules for equity investments. Perry owns 10% of each company. Perry should record the receipt of the Baker dividend as
A.
| DR Cash | 240 | ? |
| CR Investment in Baker | ? | 240 |
B.
| DR Cash | 240 | ? |
| CR Dividend income | ? | 240 |
C.
| DR Dividends receivable | 240 | ? |
| CR Dividend income | ? | 240 |
D.
| DR Cash | 240 | ? |
| CR Dividends receivable | ? | 240 |
The significant judgments of "Assets of Held-for-Sale Operations" are subject to impairment testing based on the most likely sale or disposal price
a. True b. False Indicate whether the statement is true or false
Positive word-of-mouth advertising from a company's delighted customers is more effective than an advertising campaign developed by a company
Indicate whether the statement is true or false
The market share maximization pricing objective for a product is appropriate when ________
A) there is low competition in the market B) the product incorporates innovative technology C) demand is relatively elastic D) customers are not very sensitive to price