The following information was taken from Andson Company's accounting records: Increase in raw materials inventory ................... $ 7,500 Decrease in finished goods inventory .................. 17,500 Raw materials purchase ................................ 215,000 Direct-labor payroll .................................. 100,000 Factory overhead ...................................... 150,000
Freight-out ........................................... 22,500 There was no work-in-process inventory at the beginning or end of the year. Andson's cost of goods sold is
a. $497,500.
b. $487,500.
c. $482,500.
d. $475,000.
D
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Answer the following statements true (T) or false (F)
1. A set of interrelated parts that operate together to achieve a common purpose is called a system. 2. For a jewelry designer, gold and silver rings, earrings, and bracelets are considered system inputs. 3. Feedback is one of the four parts of a system. 4. Sales data would be considered feedback in a system.
Legal positivist judges:
A. believe that law must always look to equitable exceptions to statutes and other legal rules. B. confine their legal analysis to the plain meaning of the words. C. recognize a higher set of rules that override the legitimacy of laws promulgated by political institutions. D. consider public policy and their own sense of morality when interpreting the law.
________ refers to the intentional permanent removal of property from the rightful owner's possession and control
A) Appropriation B) False light C) Disparagement D) Conversion
A(n) ________ is a report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.
A. balance sheet B. expense report C. profit and loss statement D. budget report E. income statement