When fixed assets are received, the receiving clerk sends copies of the receiving report to the inventory control clerk and the AP clerk
Indicate whether the statement is true or false
F
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Which of the following is true of a contract in which the goods were destroyed, of no fault of the buyer or seller, before the title to goods passed to the buyer?
A) The buyer has to still pay for the destroyed goods. B) The seller and buyer are excused from contractual obligations. C) The buyer can successfully claim for replacements from the seller. D) The seller is obligated to make a new shipment as the previous contract.
Darke Corporation makes one product and has provided the following information:a.Budgeted unit sales for October, November, and December are 7,600, 9,000, and 10,100 units respectively. b.The ending finished goods inventory equals 40% of the following month's sales. c.Each unit of finished goods requires 5 pounds of raw materials. The raw materials cost $1.00 per pound. d.The direct labor wage rate is $19.00 per hour. Each unit of finished goods requires 3.0 direct labor-hours. e.Manufacturing overhead is entirely variable and is $11.00 per direct labor-hour. The estimated finished goods inventory balance at the end of November is closest to:
A. $250,480 B. $294,920 C. $383,800 D. $133,320
Speculative risk
A) exists whenever there is the potential for both gain and loss. B) exists whenever there is only the possibility of loss. C) exists only in financial markets. D) exists only in gambling.
The ________ is a technique that divides inventory into three groups, according to dollar investment
A) JIT system B) ABC system C) EOQ model D) LIFO model