A company using the periodic inventory system must total the selling prices of the units on hand at the end of the period to value the ending inventory
a. True
b. False
Indicate whether the statement is true or false
False
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Business Office Supplies, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $20,000. The terms of invoice were 4/10, n/30. The amount due was paid on February 9. Which of the following journal entries correctly records the payment in the books of Business Office Supplies?
Liability accounts normally have debit balances
Indicate whether the statement is true or false
Which activity is normally NOT a part of analyzing context for a presentation?
a. Determine location of your presentation. b. Determine time of your presentation. c. Determine main points of your presentation. d. Determine who will attend your presentation.
?Modiste, Inc. manufactures two kinds of bagslong dash—totes and satchels. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are $ 24 comma 500$24,500. Additional estimated information is given below.
Totes Satchels Direct materials cost per unit $ 34$34 $ 43$43 Direct labor cost per unit $ 52$52 $ 63$63 Number of units 510510 390390 Calculate the predetermined overhead allocation rate. A.92.38?% B.47.95?% C.100.29?% D.1.40?%