Answer:
The answer is primary
Explanation:
<h2>This is an example of how a company can obtain _
primary____ data.</h2>
Answer:
Sr. No Particulars Debit Credit
1 Finished Goods $135,600
Work In Process- Assembly department $135,600
Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $135,600.
2 Account Receivable $315,000
Sales $315,000
Cost Of Goods Sold $ 175,000
Merchandise Inventory $ 175,000
Sold $315,000 of goods on credit. Their cost is $175,000.
Answer: is based on when the asset is expected to be converted to cash, or used to benefit the entity.
Explanation:
Also known as a Short-Term asset, a current asset is an item of value that a company can either use or sale within a period to gain cash to clear current liabilities. Current assets can easily be converted to cash by sales or use.
Option C is incorrect when allocating service department costs to operating departments.
<u>Explanation:
</u>
Typically, fixed costs are not assigned to working departments; however, they have to be absorbed by the service. This statement is incorrect in the service dept. Cost to Operating dept.
The reciprocal method assigns the cost of services to operating departments and other departments. The reciprocal costs are identified and the costs are assigned to each other and to services offered by each service department.
For example, if Service Department A requires certain services of Service Department B, the cost allocation system would not include these services. Since these services are not delegated to other departments, some auditors assume that the direct approach is not right.
FIFO is cost flow assumption that generally results in the highest reported amount of net income in periods of rising inventory costs.
<h3>What is First In, First Out?</h3>
First In, First Out, can be regarded as the is an asset-management techniques which is been used in analyzing assets.
With this techniques the asset that is usually disposed first are those that are first gotten, and this is usually done for the purpose of tax, and uses the assumption that there inclusion of old items in income statement.
learn more about FIFO at :brainly.com/question/24137318
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