Kite Company paid $24,900 in insurance premiums during 2013 . Kite showed $3,600 in prepaid insurance on its December 31 . 2013 . balance sheet and $4,500 on December 31 . 2012 . The insurance expense on the income statement for 2013 was
a. $16,800.
b. $24,000.
c. $25,800.
d. $33,000.
C
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Ferric Chemicals, Inc. has fixed costs of $34,000 per month. The highest production volume during the year was in January when 100,000 units were produced, 71,000 units were sold, and total costs of $640,000 were incurred. In June, the company produced only 60,000 units. What was the total cost incurred in June? (Round any intermediate calculations to the nearest cent and your final answer to the nearest dollar.)
A) $363,600 B) $397,600 C) $640,000 D) $674,000
In a job order costing system, indirect labor costs incurred are charged to the Work in Process Inventory account
Indicate whether the statement is true or false
Investing activities are the acquiring and disposing of resources that an organization uses to acquire and sell its products or services.
Answer the following statement true (T) or false (F)
Hill Co can further process Product O to produce Product P. Product O is currently selling for $60 per pound and costs $42 per pound to produce. Product P would sell for $82 per pound and would require an additional cost of $13 per pound to produce. The differential cost of producing Product P is $13 per pound
Indicate whether the statement is true or false