Under which of the following inventory costing methods is the ending inventory based on the costs of the most recent purchases?
A) specific identification
B) weighted-average
C) last-in, first-out
D) first-in, first-out
D) first-in, first-out
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If the December 31, 2016, balance of accounts payable is higher than the January 1, 2016, balance, then the amount of cash payments will exceed the purchases on account for the year
a. True b. False Indicate whether the statement is true or false
Which of the following describes the system of corporate governance?
A. governing an industry, such as the trucking industry, to protect customers B. protecting citizens against unethical state and national governments C. governing a company so that the interests of corporate owners and other stakeholders are protected D. monitoring an industry, such as law firms, to ensure ethical practices E. monitoring and limiting corporate political donations
Frey entered into a contract with Cara Corp to purchase televisions on behalf of Lux, Inc Lux authorized Frey to enter into the contract in Frey's name without disclosing that Frey was acting on behalf of Lux. If Cara repudiates the contract, which of the following statements concerning liability on the contract is not correct?
a. Frey may not hold Cara liable and obtain money damages. b. Frey may hold Cara liable and obtain specific performance. c. Lux may hold Cara liable upon disclosing the agency relationship with Frey. d. Cara will be free from liability to Lux if Frey fraudulently stated that he was acting on his own behalf.
Halbur Corporation has two manufacturing departments-Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: MachiningCustomizingTotalEstimated total machine-hours (MHs) 6,000 4,000 10,000Estimated total fixed manufacturing overhead cost$33,600$10,000$43,600Estimated variable manufacturing overhead cost per MH$1.80$2.80 During the most recent month, the company started and completed two jobs-Job C and Job J. There were no beginning inventories. Data concerning those two jobs follow: Job CJob JDirect materials$11,300$8,100Direct labor cost$18,500$6,300Machining machine-hours 4,100 1,900Customizing machine-hours 1,600 2,400Assume that the company uses a plantwide predetermined manufacturing overhead
rate based on machine-hours. The amount of manufacturing overhead applied to Job J is closest to: (Round your intermediate calculations to 2 decimal places.) A. $18,748 B. $12,464 C. $15,744 D. $28,208