A company uses the retail inventory method and has the following information available concerning its most recent accounting period:
1. What is the cost-to-retail ratio using the retail method?
2. What is the estimated cost of the ending inventory?
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The control independent billing authorization ensures that bills:
a. are accurate b. are for goods that were picked in the warehouse c. are for goods actually ordered by the customer d. have authorized prices
Which of the following is not a goal of a system of internal control over merchandising transactions?
a. Prevent the theft of cash and inventory. b. Keep enough cash on hand to take advantage of purchase discounts. c. Keep the maximum amount of inventory on hand at all times. d. Keep credit losses as low as possible.
One major difference between the U.S. and the EU in antitrust law is that U.S. law follows the ____________ concept in its approach.
Fill in the blank(s) with the appropriate word(s).
Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:Total machine-hours30,000Total fixed manufacturing overhead cost$ 252,000Variable manufacturing overhead per machine-hour$ 2.10 Recently, Job T687 was completed with the following characteristics:Number of units in the job10Total machine-hours30Direct materials$ 675Direct labor cost$ 1,050If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to:
A. $305.60 B. $285.60 C. $241.50 D. $81.60