For work done during August, Footprints Company incurred direct materials costs of $104,000 and conversion costs of $260,000. The company employs a just-in-time operating philosophy and backflush costing. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,080 of costs, and the ending balance of the Finished Goods Inventory account was $1,220
There were no beginning inventory balances. Using the information provided for Footprints Company, what was the ending balance of the Cost of Goods Sold account for August?
A) $361,700
B) $362,780
C) $362,920
D) $364,000
A
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In Palsgraf v. Long Island Railroad Company, involving a woman injured by an accidentally dropped package of fireworks that exploded as it was run over by a train, Palsgraf's injuries were not a result of negligence on the part of the railroad because:
a. the railroad has strict regulations against carrying fireworks on trains b. the victim knew the package contained fireworks, but the railroad employees did not c. the victim knew the man carrying the package of fireworks d. there was nothing in the situation to suggest to a cautious mind that the package would cause damage e. there were the required number of railroad employees present
Maintaining the Premises. ARG Enterprises, Inc, operated a Black Angus restaurant on premises leased from SDR Associates. The lease included a provision that required ARG to return the premises in the condition in which it had received them. In return
for ARG's agreeing to maintain the premises, SDR charged lower rent payments than it otherwise would have. About six months before the lease was due to expire, SDR notified ARG of the need to return the premises in good condition if the lease was not renewed. When the lease expired, however, the premises were in disrepair. Extensive repairs were required for the roof as well as for the air-conditioning unit, the exhaust fans, and the parking lot. These problems prevented SDR from renting the premises to anyone else. Before the lease expired, SDR had been negotiating with Toys "R" Us, Inc, about the possibility of demolishing the building and selling just the land; but SDR's preference was to relet the building as a restaurant. At the time of trial, the structure had not been destroyed. SDR sued ARG, alleging that ARG had breached the lease agreement by failing to return the premises to SDR in good condition. Among other things, SDR sought damages in the amount of $200,000 as the cost for restoring the premises to good condition. Given the fact that SDR was contemplating the demolition of the building, should the court require ARG to pay the $200,000 in damages to restore the premises to their earlier condition? Explain.
Which of the following is not a step in the forecasting process?
A) Identify the purpose for the forecast B) Determine the time horizon for the forecast C) Determine feasible capacity levels D) Select a forecasting technique
A tuple is a group of one or more columns that uniquely identifies a row
Indicate whether the statement is true or false