A perpetual inventory system updates the Merchandise Inventory account for all purchases of inventory, as well as returns of inventory to suppliers.
Answer the following statement true (T) or false (F)
True
In a perpetual system, inventory is updated for purchases, sales, and returns of inventory.
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Which of the following is not true about a personal visit to size up the market firsthand and begin the development of an actual export-marketing program?
A) Confirm assumptions regarding market potential B) Contradict assumptions regarding market potential C) Gather additional data to help make decisions D) Develop a marketing plan in cooperation with local agents E) Arrange a face-to-face meeting and avoid going to trade shows
Choose the combination below that best reflects the appropriate classification of cash received from investing and financing activities. Cash Received from Cash Received from Investing Activities Financing Activities
a. Sale of treasury stock Proceeds from issuing common stock b. Sale of treasury stock Sale of investment securities c. Sale of investment securities Proceeds of issuing common stock d. Proceeds from issuing common stock Sale of investment securities e. None of these answers is correct.
George Wilson is an assembly-line worker for Gantt Manufacturing. Gantt pays its employees weekly. The following is a breakdown of all the labor costs traced to George for the previous week: Regular pay: 40 hours at $16 per hour Overtime pay: 5 hours at $24 per hour Fringe benefits received: $70 per week Last week, George spent the entire 45 hours he worked on a special order "rush" job for a
particular customer. The overtime was necessary in order to complete the job from start to finish within one week. Assuming that George was the only employee who worked directly on this job, how much direct labor cost should be assigned to the job? A) $710 B) $640 C) $830 D) $760
The direct labor budget includes: units to be produced, direct labor time needed, and the beginning inventory
Indicate whether the statement is true or false