Office Supplies, Inc. uses a perpetual inventory system. Journalize the following sales transactions for this company. Explanations are not required.
July 3: Sold $15,400 of merchandise on account, credit terms are n/30. Cost of goods is $9,300.
July 7: Received a $750 sales return from the customer. Cost of the goods is $435.
July 20: Received payment from the customer.
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Spring Market has an inventory turnover ratio of 15 times. Fall Market has a turnover of 14 times. Fall is more effective in managing inventory
a. True b. False Indicate whether the statement is true or false
Jack provides heating and air conditioning equipment for office buildings. He sells ________
A) distributive goods B) consumer services C) consumer goods D) industrial goods E) intangible goods
If demand falls by 1 percent when price is increased by 2 percent, then ________
A) elasticity is -1/2 B) demand is inelastic C) demand is elastic D) buyers are not price sensitive E) A and B
Armstrong Products Armstrong Products applies fixed overhead at a rate of $3 per direct labor hour. Each unit produced is expected to take 2 direct labor hours. Armstrong expected production in the current year to be 10,000 units but 9,000 units were actually produced. Actual direct labor hours were 19,000 and actual fixed overhead costs were $62,000. Refer to the Armstrong Products information
above. Armstrong's fixed overhead spending variance is: A) $8,000 F. B) $8,000 U. C) $2,000 F. D) $2,000 U.