In process costing, production costs are accumulated by process. At the end of the period, the total production costs incurred must be split into two components. What are these two components?
What will be an ideal response
1. The units that have been completed in the process and transferred to the next process (or the Finished Goods Inventory if it is the last process).
2. The units not completed and remaining in Work-in-Process Inventory for that department.
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Refer to Figure 11.1. Suppose the exchange rate is $.30 per franc. Free-market forces would lead to a(n) ____ of the dollar against the franc and a(n) ____ in U.S. international competitiveness.
a. depreciation, improvement b. depreciation, worsening c. appreciation, improvement d. appreciation, worsening
Royal Company purchased a dump truck at the beginning of 2014 at a cost of $60,000 . The truck had an estimated life of 6 years and an estimated residual value of $24,000 . On January 1, 2016, the company made major repairs of $20,000 to the truck that extended the life 1 year. Thus, starting with 2016, the truck has a remaining life of 5 years and a new salvage value of $8,000 . Royal uses the
straight-line depreciation method. When calculating depreciation for 2016, Royal should a. add the $20,000 to the book value at December 31, 2015 and then allocate the revised basis over the remaining adjusted useful life of 5 years. b. report the effect of the change in life as an expense on the income statement in 2015. c. ignore the change in life on the original cost of $60,000 and depreciate the additional $20,000 cost separately over its useful life. d. expense the $20,000 and depreciate the original cost of $60,000 over its revised estimated total live of 7 years.
Answer the following statements true (T) or false (F)
1. The majority of workplace learning is informal. 2. During the storming stage of Tuckman's five-stage model, the leader of a team should allow members the empowerment they need to concentrate on solving problems and completing the assigned task. 3. An example of a maintenance role is an initiator, someone who suggests new goals or ideas. 4. Norms are a typically explicit and are often discussed openly.
Which of the following describes the effect of remitting the sales tax to the tax authority?
A. A claims exchange transaction. B. Decreases liabilities. C. Decreases stockholders' equity. D. All of these answer choices are correct.