How is a production cost report prepared using the FIFO method?
What will be an ideal response
1. Prior period costs are not merged with current period costs.
2. Equivalent units of production must be calculated for units in beginning inventory completed in the current period, units started and completed in the current period, and units started and still in process at the end of the current period.
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Which of the following statements is true? ?
A. ?In a static model, an economy is assumed to start at a point where all variables are constant. B. ?In the dynamic model of money, the longer prices take to adjust to shocks, the more long-lived is the liquidity effect. C. ?In the dynamic model of money, all variables are initially growing at an increasing rate but they eventually reach a steady state. D. ?Money supply is the only endogenous variable in the dynamic model of money.
During March, Department A started 300,000 units of product in a particular production process. The beginning work in process inventory was 50,000 units, and the ending inventory was 40,000 units. Direct materials are introduced at the start of processing, and beginning and ending inventories are considered to be 40 percent complete with respect to conversion costs. Department A uses the FIFO
costing method. Units transferred out during March were a. 310,000. b. 290,000. c. 320,000. d. 350,000.
Jim is a manager at a local retail store. Currently, his employees receive pay checks weekly. Jim is thinking about changing this to biweekly pay checks and incorporating quarterly bonuses based on individual employee sales totals. If he proceeds, Jim would be making what kind of changes?
a. continuing fixed interval schedule and starting fixed ratio schedule b. stopping fixed interval schedule and starting fixed ratio schedule c. continuing fixed interval schedule and starting variable ratio schedule d. stopping variable interval schedule and starting fixed ratio schedule
A civil action to enforce a right to disclosure under the FOIA may be brought in state
or federal court. a. True b. False