Answer the following statements true (T) or false (F)
1. The unit product cost is only part of the information that is needed to determine the sales price for
each product.
2. If work-in-process units are incomplete, the costs remain in Work-in-Process Inventory and are
reported on the balance sheet.
3. The cost of goods sold is added to net sales revenue to determine gross profit.
4. cost of goods manufactured includes selling expenses, administrative expenses, and
manufacturing overhead.
5. The inventory of a merchandising company consists of Raw Materials Inventory, Work-in-Process
Inventory, and Finished Goods Inventory.
1. TRUE
2. TRUE
3. FALSE
4. FALSE
5. FALSE
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The profit margin for Division B is 8% and the investment turnover is 1.20. What is the rate of return on investment for Division B?
A) 8% B) 6.7% C) 7.3% D) 9.6%
The FLSA is not the federal minimum wage statute
a. True b. False Indicate whether the statement is true or false
Frisco offers to buy a Gibson guitar owned by Hayden for twice what Hayden paid for it. She accepts and hands the guitar to Frisco. Her delivery of the guitar is A) ?not consideration because her voluntary consent may be lacking
B) not consideration because the exchange is not a bargain. C) consideration. D) not consideration because the value is not legally sufficient.
Tasha receives reimbursement from her employer for dependent-care expenses for up to $8,000. Tasha applies for and receives reimbursement of $6,000 for her 10-year-old son. How much, if any, is includible in her income?
A. $6,000. B. $0. C. $3,000. D. $1,000.