Prime costs are the combination of direct labor costs and factory overhead costs
Indicate whether the statement is true or false
False
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When inventories are written down due to the application of the lower of cost or market (LCM) rule, the account that is usually increased is
a. Accumulated Depreciation—Inventory b. Inventories c. Loss on Decline in Inventory Value d. Cost of Goods Sold
The data below is for Benton Corporation for 2015. Accounts Receivable—January 1, 2015 $334,000 Credit sales during 2015 850,000 Collections from credit customers during 2015 725,000 Customer accounts written off as uncollectible during 2015 Allowance for Doubtful Accounts [Credit Balance] (After write-off of uncollectible accounts) 12,000 1,700 Estimated uncollectible accounts based on an
aging analysis 13,200 Refer to the data for Benton Corporation. If the aging approach is used to estimate bad debts, what amount should be recorded as bad debt expense for 2015? a. $ 2,900 b. $11,500 c. $23,500 d. $26,900
LIFO means Last-In, Final-Out
Indicate whether the statement is true or false
During which step of the giving praise process should you tell the employee why the behavior is important?
a. step 1 b. step 2 c. step 3 d. step 4