In 1957, computing was done primarily on large mainframe computers accessed from within an organization through a network of ____.
A. terminals
B. PCs
C. keypunch machines
D. teletype machines
Answer: A
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The inventory method which results in the prices paid for earliest purchases assigned to cost of goods sold is:
a. First-in, first-out. b. Last-in, first-out. c. Last-in, last-out. d. Moving average.
Which of the following methods of recording uncollectible accounts expense would be described best as an income statement method?
a. Both direct charge-off method and accounts receivable aging method b. Direct charge-off method c. Percentage of net sales method d. Accounts receivable aging method
Tungsten, Inc. manufactures both normal and premium tube lights. The company allocates manufacturing overhead using a single plantwide rate with machine hours as the allocation base. Estimated overhead costs for the year are $106,000. Additional estimated information is given below.
Calculate the predetermined overhead allocation rate. (Round your answer to the nearest cent.)
A) $3.53 per direct labor hour
B) $1.66 per machine hour
C) $3.12 per machine hour
D) $0.23 per direct labor hour
If changes occur in the prices of the manufacturing inputs from one period to the next, then FIFO produces a more accurate unit cost than does the weighted average method
Indicate whether the statement is true or false