An example of direct matching of an expense with revenues would be
a. depreciation expense.
b. office salaries expense.
c. direct labor costs incurred to produce inventory sold during a period.
d. advertising expense.
C
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Which inventory method generally results in the most realistic balance sheet valuation?
A) FIFO B) Specific identification C) LIFO D) Average-cost
Ryan Corporation is relocating its facilities. The company estimates that it will take three trucks to move office contents. If the per truck rental charge is $1,000 plus 25 cents per mile, what is the expected cost to move 800 miles?
a. $1,000 b. $1,200 c. $2,400 d. $3,600
If mix and yield variances are computed, it is not necessary to compute price and rate variances for material and labor
Indicate whether the statement is true or false
The gross profit method:
a. assumes that the ratio of gross margin for a business remains relatively stable from year to year. b. is usually used when complete records are available. c. determines inventory at retail and converts it to cost. d. None of these is correct.