Describe raw materials inventory and finished goods inventory
What will be an ideal response?
Raw materials inventory stores components like bicycle tires and other goods procured from suppliers. These raw materials must be on hand for assembly operations to occur in the Production process. Finished goods inventory is the completed products awaiting delivery to customers.
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Failure to prepare closing entries will produce a misstated
A) total liabilities figure on the balance sheet. B) total assets figure on the balance sheet. C) Retained Earnings account balance. D) Income Summary account balance.
A company has the following three events in December:December 1 - Pay last month's rent (November), $500.December 15 - Pay rent for the current month (December), $500.December 31 - Pay rent for the following year, $6,000.How much would be recorded as Rent Expense for the month of December using accrual-basis accounting?
A. $500. B. $6,500. C. $7,000. D. $1,000.
Evelyn, a team leader, wanted to make some changes in the seating arrangement of her team members in order to improve communication. She chalked out a plan that she thought would suit everybody and sent it to all the members, asking them for their opinions and suggestions. This is an example of
A. groupthink. B. two-way communication. C. one-way communication. D. filtering. E. intrapersonal communication.
Consider the following conditions for an item used in the Hess Company's manufacturing process:
On-hand inventory: 40 units Open orders (scheduled receipts): 100 units Backorders: 60 units What is Hess's inventory position for this item? A) 200 units B) 140 units C) 80 units D) 40 units