Which inventory cost flow method assigns the cost of the most recent items purchased to cost of goods sold?
A) Specific identification
B) Weighted average
C) FIFO
D) LIFO
D
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Income statements prepared under U.S. GAAP contain which of the following sections or categories, depending on the nature of a firm's earnings for the period?
a. income from continuing operations b. income, gains, and losses from discontinued operations c. extraordinary gains and losses d. all of the above e. none of the above
Based on an audit done by Verité in 2004, ______________ of audited firms in India were in violation of minimum wage rules.
a. 21% b. 36% c. 60% d. 67%
Weston, Inc., produces widgets. To manufacture a new type of widget, it took 18 iterations before the process reached a steady state of 12 hours. If Weston has an 84% learning rate, use the logarithmic approach to calculate the time it took to manufacture the first widget.
a. 24.83 hours b. 26.68 hours c. 23.38 hours d. 23.61 hours
According to the text, a new product is one that is
A. completely new, physically and conceptually. B. physically changed. C. new in any way for the company concerned. D. unique. E. None of these answers is correct.