For work done during June, Prints Company incurred direct materials costs of $150,000 and conversion costs of $225,000. The company employs a traditional operating philosophy. At the end of August, it was determined that the Work in Process Inventory account had been assigned $2,000 of costs, and the ending balance of the Finished Goods Inventory account was $5,000. There were no beginning
inventory balances. Using the information provided for Prints Company, how much was cost of goods manufactured during June?
A) $375,000
B) $373,000
C) $370,000
D) $377,000
B
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The Sales Return and Allowances balance would be reported on the work sheet on the
a. debit side of the Balance Sheet columns. b. credit side of the Income Statement columns. c. debit side of the Income Statement columns. d. credit side of the Balance Sheet columns.
The tendency to project emotions into the future and to over-generalize the intensity of the emotion to be felt is known as _____________
a. Impact Bias b. Anxiety Bias c. Affective Bias d. Social Bias
Held-to-maturity investments applies only to debt securities because ________
A) these securities earn periodic interest B) equity securities do not mature on a specific date C) these are long-term investments D) equity securities are held for a short period of time
If all the variables in a model are under the control of the decision maker, then the model is considered to be:
A) probabilistic B) random C) mathematical D) schematic E) deterministic