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Darya [45]
3 years ago
13

Which of the following statements regarding first-in, first-out (FIFO) process costing is/are true?(A) 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.(B) First-in, first-out process costing requires one additional step in assigning costs to the units transferred out and the ending Work-in-Process Inventory. A. A only.B. B only.C. Both A and B.D. Neither A nor B.
Business
1 answer:
Sveta_85 [38]3 years ago
6 0

Answer: The correct answer is "A. A only".

Explanation: First-in, first-out (FIFO) process costing first transfers out the costs in beginning inventory because the oldest units are the first to leave (First in - First out).

And it does not require an additional step in cost allocation to units transferred out and the final Work-in-Process inventory.

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In marketing children's products, it's extremely important to produce television commercials that hold the attention of the chil
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3 years ago
To maintain production, the quality of materials must be high because no buffer inventories are available to take up the slack.
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Answer:

Just in time (JIT) inventory management

Explanation:

Just in time (JIT) inventory management is a system created to lower inventory costs and increase manufacturing efficiency. JIT aligns materials and components orders with production schedules in order to reduce inventory levels to the lowest possible level.

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3 0
3 years ago
The balance sheet of ABC reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The r
zimovet [89]

Answer:

ABC net income for the year is $42,500

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Beginning total assets = $400,000

Ending total assets = $450,000

Average total assets = Beginning total assets + Ending total assets ÷ 2

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= $425,000

Return on assets = 10%

Therefore,

Net income ÷ Average total assets = Return on assets

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7 0
3 years ago
For a restaurant, the logical activity base for wages expense would be a. number of customers. b. number of employees. c. number
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Answer: The answer is B, the logical activity base for salary expenses is Number of employees.

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For a restaurant, the logical activity base for salary expenses is the number of employees because the more employees you have, the more salary expenses the company will have.

6 0
3 years ago
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