The Frozen Products Department of GoodThings, Inc shows net sales of $465,000, cost of goods sold of $173,000, and operating expenses of $62,000 . What is the gross profit for the department?
a. $403,000; b. $230,000; c. $292,000; d. $111,000; e. none of these
C
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In the liquidation of the partnership, adjusting and closing entries are made when normal operations are discontinued
a. True b. False Indicate whether the statement is true or false
_____ refers to converting a noncash item to cash, for example, collecting an account receivable
a. Actualization b. Recognition c. Realization d. Materialization e. Transformation
Manicotti Corporation sells a single product. Budgeted sales for the year are anticipated to be 640,000 units, estimated beginning inventory is 108,000 units, and desired ending inventory is 90,000 units. The quantities of direct materials expected to be used for each unit of finished product are given below. Material A .50 lb. per unit @ $ .60 per pound Material B 1.00 lb. per unit @ $1.70 per
pound Material C 1.20 lb. per unit @ $1.00 per pound The dollar amount of direct material A used in production during the year is: A) $186,600 B) $181,200 C) $240,000 D) $210,600
One reason economies of scale drive down cost is the spreading of fixed costs
Indicate whether the statement is true or false