Inventory methods such as LIFO and FIFO deal more with cost flow than with goods flow
Indicate whether the statement is true or false
True
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On April 1, Year 1, Seaside Bookstore bought an insurance policy costing $48,000 that would insure the retail building for two years against fire loss. What asset account and what amount are recorded on the balance sheet at December 31, Year 1?
a. Prepaid Insurance, $30,000 b. Insurance Expense, $30,000 c. Prepaid Insurance, $18,000 d. Insurance Expense, $18,000 e. Insurance Expense, $9,000
In the computation of the manufacturing cost per equivalent unit, the weighted-average method of process costing considers:
A. current costs less cost of beginning Work-in-Process Inventory. B. current costs plus cost of beginning Work-in-Process Inventory. C. current costs only. D. current costs plus cost of ending Work-in-Process Inventory.
Which of the following is NOT a task involved in order processing and delivery?
a. supplier liaison b. inventory management c. reverse logistics d. packaging and shipping
Advantages of cafeteria plans include all of the following EXCEPT
A) simplicity of benefit administration. B) employees can select benefits that best match their needs. C) reduced taxes for employees. D) greater employer control over increasing benefit costs.