A company's total cost of FIFO inventory was $329,000 and its current replacement cost is $307,000. Under the lower cost or market, the amount reported should be $329,000.
Answer the following statement true (T) or false (F)
False
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Using the Fassino's Wholesale Corporation example, when should Fassino's recognize the $120 membership fee as revenue?
a. Fassino's should recognize all of the membership fee ($120.00) at the time that the annual membership fee is sold to the customer because it is nonrefundable. b. Fassino's should recognize all of the membership fee ($120.00) one year from the time that the annual membership fee is sold to the customer because the membership fee has been fully earned. c. Fassino's should recognize 1/12th of the membership fee, or $10.00, each month during the annual membership period. d. Fassino's should recognize two-thirds of the membership fee, or $90.00, at the time that the annual membership fee is sold to the customer because it is nonrefundable, and the other one-third of the membership fee, or $30.00, at the end of the annual membership period. e. Fassino's should recognize one-quarter of the membership fee, or $30.00, at the time that the annual membership fee is sold to the customer because it is nonrefundable, and the other three-quarters of the membership fee, or $90.00, at the end of the annual membership period.
Scenarios are multiple, plausible stories for probable futures.
Answer the following statement true (T) or false (F)
The trade term "________" is used when the seller fulfills his obligations to deliver by making the goods available at his premises
A. freight forwarder B. free alongside C. ex works D. dead freight
When raw materials are requisitioned for a job, the Raw Materials Inventory account is debited
Indicate whether the statement is true or false