One of the basic purposes of inventory analysis in manufacturing and stock keeping services is to specify when items should be ordered.
Answer the following statement true (T) or false (F)
True
The basic purpose of inventory analysis in manufacturing and stock keeping services is to specify (1) when items should be ordered and (2) how large the order should be.
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Captive pricing is illegal
Indicate whether the statement is true or false
Winnie, Inc has two processes—Coloring Department and Mixing Department
The company assigned $390,000 to the 6,000 gallons of paint transferred from Mixing Department to Finished Goods Inventory. The journal entry to record completion of processing is ________. A) debit Work-in-Process Inventory-Mixing, $390,000; credit Finished Goods Inventory, $390,000 B) debit Finished Goods Inventory, $390,000; credit Cost of Goods Sold, $390,000 C) debit Cost of Goods Sold, $390,000; credit Finished Goods Inventory, $390,000 D) debit Finished Goods Inventory, $390,000; credit Work-in-Process Inventory-Mixing, $390,000
Quotas are used to estimate the efficiency of interviewing.
Answer the following statement true (T) or false (F)
The following data pertain to the Milling Department of Malmberg Corporation for July. The company uses the FIFO method in its process costing. Percent Complete UnitsMaterialsConversionWork in process, July 180080%35%Units started into production during July9,400 Units completed during July and transferredto the next department8,300 Work in process, July 311,90075%40% Required:Compute the equivalent units of production for both materials and conversion costs for the Milling Department for July using the FIFO method.
What will be an ideal response?