A budget that is based on the actual activity of a period is known as a:
A. master budget.
B. flexible budget.
C. static budget.
D. continuous budget.
Answer: B
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a. A win-win situation is created. b. You are unassertive. c. You satisfy the needs of others. d. You are cooperative.
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The following information for Year 2 is taken from the accounts of Tuttle Company. The company uses the periodic inventory system.Inventory, December 31, Year 1$9400? Purchases 41,400? Purchase returns and allowances 740? Purchase discounts 540? Freight on goods purchased under terms FOB shipping point 1740? Freight on goods sold under terms FOB destination 940? Cost of goods sold 29,800? Based on this information, what is the inventory at December 31, Year 2?
A. $21,460 B. $12,340 C. $28,860 D. $19,120