The law of demand states that as the price for an item or service increases, so will the supply and that if the price is lower, the supply will also be less
Indicate whether the statement is true or false
FALSE
Explanation: This statement does not reflect the law of demand but rather the law of supply. The more money a business can get for its good or service, the more of its product it is willing to supply. In economic terms, the amount supplied will increase as the price increases; also, if the price is lower, less of the product is supplied.
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A grand jury determines the guilt or innocence of an accused person
Indicate whether the statement is true or false
First-in, first-out (FIFO) process costing transfers out the costs in beginning inventory before transferring out the costs associated with units started and completed.
Answer the following statement true (T) or false (F)
Which of the following is not true of retirement plans for the self-employed?
A) A Keogh plan is usually used by high income individuals. B) Under a SEP, a maximum contribution of $53,000 is allowed for 2015. C) Self-employed individuals can choose from several plans including SEP plans and one-participant 401(k) plans. D) A one-participant 401(k) plan is similar to 401(k) plans for employees except that it allows larger contributions.
Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account$475,000Raw materials (all direct) requisitioned for use in production$476,000Direct labor cost$640,000Manufacturing overhead: Indirect labor cost$174,000Other manufacturing overhead costs incurred$498,000Cost of goods manufactured$1,469,000Cost of goods sold (unadjusted)$1,430,000 What is the journal entry to record the direct and indirect labor costs incurred during the year?
A.
| Direct Labor | 640,000 | |
| Manufacturing Overhead | 174,000 | |
| Wages Payable | 814,000 |
B.
| Work in Process | 640,000 | |
| Manufacturing Overhead | 174,000 | |
| Wages Payable | 814,000 |
C.
| Wages Payable | 814,000 | |
| Direct Labor | 640,000 | |
| Manufacturing Overhead | 174,000 |
D.
| Wages Payable | 814,000 | |
| Work in Process | 640,000 | |
| Manufacturing Overhead | 174,000 |