Companies using activity-based costing (ABC) have learned that costs are a function of:
A. Volume and activities.
B. Resources and time.
C. Time and complexity.
D. Volume and time.
Answer: A
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Supplies can be classified as two kinds: heterogenous supplies and homogeneous supplies
Indicate whether the statement is true or false
Which of the following is a true statement regarding The Gramm-Leach-Bliley Act?
a. The act gives financial institutions the right to share personal information for a profit. b. The act expressly requires financial institutions to protect against identity theft. c. The act allows financial institutions to share personal information, as long as it is not for a profit. d. The act protects confidentiality of customer information.
Waiting time and process time are two components of ________
Fill in the blanks with correct word
On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method. At the beginning of August, the company reported beginning inventory of $215,450. Inventory purchased during August was $192,530. Sales for the month of August were $542,500. Assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood.
A. $134,520 B. $81,480 C. $87,480 D. $82,480 E. $109,980