Inventory is an example of a current asset.
Answer the following statement true (T) or false (F)
True
Inventory is an example of a current asset. For example, the $100 million worth of burgers, fries, and other foods and ingredients used in McDonald's restaurants are its current assets. See 8-3: Financial Statements: Read All about Us
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Grays Company has inventory of 20 units at a cost of $8 each on August 1. On August 3, it purchased 30 units at $10 each. 22 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 22 units that were sold?
A. $140. B. $180.00. C. $184. D. $440. E. $186.
Interest expense is one item added to net income as per the income statement to arrive at net cash flows from operating activities
Indicate whether the statement is true or false
Divisional departmentalization ______.
a. organizes departments around the needs of customers b. establishes separate units in each area in which the enterprise does business c. organizes departments around goods or services d. is based on semiautonomous strategic business units
When Leo has several assignments he has to work on for his classes, he always works first on the assignment that will take the take the least time to complete. This is an example of which priority scheduling method?
a. last in–first out b. first come–first served c. earliest due date d. shortest operating time