Compute the amount of raw materials used during November if $30,000 of raw materials were purchased during the month and if the inventories were as follows: InventoriesBalanceNovember 1BalanceNovember 30Raw materials$7,000 $4,000 Work in process$6,000 $7,500 Finished goods$10,000 $12,000
A. $27,000
B. $33,000
C. $29,500
D. $31,500
Answer: B
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A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable$375,000debitAllowance for uncollectible accounts 500debitNet Sales 800,000credit All sales are made on credit. Based on past experience, the company estimates that 0.6% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?
A. $5,500 B. $1,275 C. $1,775 D. $4,500 E. $4,800
Porter's "five forces model" for industry analysis recommends an analysis of the—
a. competitive threat of similar products on the market and of other products that may substitute for the business plan's product. b. rivalry among current firms in the industry but not of potential new entrants. c. bargaining leverage of the industry's suppliers and of its customers. d. both a and c e. both b and c
One major difference between deferral and accrual adjustments is that:
A. deferral adjustments increase net income, and accrual adjustments decrease net income. B. accounts affected by an accrual adjustment always go in the same direction (i.e., both accounts are increased or both accounts are decreased), and accounts affected by a deferral adjustment always go in opposite directions (one account is increased and one account is decreased). C. accrual adjustments affect income statement accounts, and deferral adjustments affect balance sheet accounts. D. deferral adjustments are made under the cash basis of accounting, and accrual adjustments are made under the accrual basis of accounting.
Dramatic advances in ______ might be the most significant force toward globalization.
A. productivity B. international migration C. privatization D. information technology