Randy Jones decided to run an ABC analysis of his 500 stock keeping inventory items. He found
that his average inventory was $200,000 and that there were 50 items out of the 500 that cost him
$23,000.
These 50 items would be classified as ________ items.
A) A B) B C) C D) D
B
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The Merchant Company issued 10-year bonds on January 1 . The 15% bonds have a face value of $100,000 andpay interest every January 1 and July 1 . The bonds were sold for $117,205 based on the market interest rate of12%. Merchant uses the effective interest method to amortize bond discounts and premiums. On July 1 of the firstyear, Merchant should record interest expense (round to the nearest
dollar) of a. $7,032 b. $7,500 c. $8,790 d. $14,065
Which of the following groups is not typically considered to be a user of the audited financial statements?
a. Management. b. Vendors. c. Retired Employees. d. Competitors.
To determine whether a public employee receives First Amendment protection from speech (and therefore cannot be fired for it), the Supreme Court has stated that all of the following are important except:
a. The employer must have a justification for treating the employee differently than it would treat a member of the general public. b. The speech cannot be about political topics. c. The speech must be about something of great public concern. d. The speech cannot be made as part of the employment (such as an internal memorandum).
Which one of the following statements concerning Treasury bonds is correct?
A) The par values of all Treasury bonds are adjusted periodically in response to changes in the rate of inflation. B) Treasury bonds have maturity dates ranging from two to ten years. C) Interest earned on Treasury bonds is tax-exempt at the federal level. D) All Treasury securities are backed by the "full faith and credit" of the U.S. government.