Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid; a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5; on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on
June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the FIFO method?
a. $57.50
b. $30.00
c. $60.00
d. $31.25
d
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Which of the following situations does not require an adjusting entry at the end of May?
a. At the end of May, Bolton Industries pays the custodian for May office cleaning services. b. On May 1, Bolton Industries paid rent for six months on its office building. c. On May 1, Bolton Industries began delivery service to a client who will pay at the end of a three-month period. d. On May 1, Bolton Industries purchased delivery equipment with an estimated useful life of six years.
All investment expenses are itemized deductions.
Answer the following statement true (T) or false (F)
The loss by of country of its most intelligent and best-educated people is ____________________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is a period cost?
A. Factory foreman salary for the motor production line. B. Indirect labor. C. Direct material. D. Miscellaneous supplies used in production activities. E. Advertising expense.