In general, the ending Work-in-Process Inventory value computed using first-in, first-out (FIFO) will be the same as the ending value computed using weighted-average process costing.
Answer the following statement true (T) or false (F)
False
The two approaches will have different unit costs, so the costs assigned to ending WIP will differ.
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Which method assigns the cost of the most recent items purchased to ending inventory?
a. Specific identification b. Weighted average cost c. FIFO d. LIFO
Today the company is having a board meeting, and Steve, along with his staff, has been asked to prepare a special luncheon to be served in a conference room. All of top management will be attending
To gain political advantage in this situation, what do you recommend that Steve do? A) Go beyond the call of duty, and prepare an elegant meal that does not reflect imprudent spending. If Steve is complimented, he will share credit with his staff. B) Prepare a 30-second speech about his capabilities, which he will present to any executive with whom he interacts. C) Maintain a low profile, but leave a card at each plate setting with his Twitter and Facebook addresses. D) While the meal is being served, inform the members present that he has ambitions beyond the role of cafeteria manager.
Most contracts need to be performed only to the satisfaction of a reasonable person unless they expressly state otherwise
Indicate whether the statement is true or false
Under the cost method of assessment, the assessor simply compares surrounding property sales and determines assessed values
Indicate whether the statement is true or false