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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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Which difference between your bank statement and your records is most likely to indicate fraud
qaws [65]

Answer:

A PURCHASE YOU DID NOT MAKE

Explanation:

I just took the quiz

5 0
2 years ago
Wember Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The
hodyreva [135]

Answer:

$3,515

Explanation:

The computation of the catering supplies is shown below:

= Catering supplies per month + per job cost  × expected number of jobs + per meal cost  × expected number of meals

= $350 + $89 × 21 jobs + $9 × 144 meals

= $350 + $1,869 + $1,296

= $3,515

Since the question is asking for planning budget so we considered the expected units in terms of jobs and meals

8 0
3 years ago
During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.
Dima020 [189]

Answer:

Dr Accounts receivable 3,472

Cr Sales 3,20

Cr Sales tax payable 272

Explanation:

Since $3,200 is the credit sale and the state sales tax rate is 6% while the local sales tax rate is 2.5% which means we have to calculate for 6% of 3,200 as well as 2.5% of 3,200 which is: Sales tax payable

6%×3,200=192

2.5%×3,200=80

192+80= 272

The last step is to Debit Accounts receivable with 3,472 (3,200+272) , Credit Sales 3,200 and Credit Sales tax payable with 272

Far West Services Journal entry

Dr Accounts receivable 3,472

(3,200+272)

Cr Sales 3,200

Cr Sales tax payable 272

8 0
3 years ago
International Paper Company, MeadWestvaco, and Rubicon, Ltd. Work together and found ArborGen, a new biotechnology company that
Pachacha [2.7K]

Answer: Joint venture

Explanation: A joint venture can be defined as a business entity, that is created by two or more firms by shared ownership or sharing in risk and returns. The joint venture is usually done by the firms for targeting new emerging markets to increase their customer base.

In the given case, Arboren is a new company and is formed by the joint ownership of three existing firms.

Hence, from the above we can conclude that this is an example of Joint venture.

4 0
3 years ago
The ____ the percentage of an MNC's business conducted by its foreign subsidiaries, the ____ the percentage of a given financial
Xelga [282]

Answer:

greater; greater

Explanation:

The greater the percentage of an MNC's business conducted by its foreign subsidiaries, the greater the percentage of a given financial statement item that is susceptible to translation exposure.

3 0
3 years ago
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