Which of the following statements is true?
a. FIFO determines transfered out value by adding the cost of begining WIP Inventory, current period costs needed to complete the beginning WIP inventory, and costs of units started and completed during the current period.
b. All of the above statements are true.
c. FIFO determines average unit cost (per cost component) by dividing current period cost by EUP.
d. First-in, first-out (FIFO) determines EUP (by cost component) by the equivalne units in beginging WIP inventory that were completed during the current period, physical units started and completed during the period, equivalent units in the ending WIP inventory.
b
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On January 3, 2016, the Walters Corporation signed a 10-year non-cancelable lease for manufacturing equipment. The fair value of the equipment at that time was $550,000. At the end of the lease period, the equipment, which has an estimated life of 15 years, will be returned to the lessor. Additional information is below: Lease payments (year-end) $80,000 Walters Corporation's incremental
borrowing rate 10% Lessor's implicit interest rate (known to Walters) 12% Present value factor for an ordinary annuity of 10 years at 10% 6.144567 Present value factor for an ordinary annuity of 10 years at 12% 5.650223 ? Walters should A) capitalize the equipment at $550,000. B) capitalize the equipment at $491,565. C) capitalize the equipment at $452,018. D) not capitalize the equipment.
James Franks lives in Miami. He buys local products from manufacturers in Miami and other parts of Florida and sells them abroad, mainly to Caribbean nations. Mr. Franks is a(n) ________
A) domestic-based export merchant B) domestic-based export agent C) cooperative agent D) export-management agent E) direct exporting agent
Which of the following has the largest total GDP?
A) China B) Japan C) the United States D) Chile E) the European Union
Employee Roberta Smiles clocked 48 hours this week by working her regular five days (40 hours), and then returning for a full 8 hours on Sunday. Roberta's pay rate is $10.50 per hour, and Sunday is considered a double-time day by her employer. Her total gross earnings will be $488.00
Indicate whether the statement is true or false