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lesya692 [45]
2 years ago
15

Which of the following statements are true? Multiple select question. Raw materials inventory only includes the cost of direct m

aterials. Raw materials inventory represents the cost of materials not yet used in production. When materials are purchased they are recorded in the Raw materials inventory account. Direct labor costs flow through the Raw materials inventory account.
Business
1 answer:
lilavasa [31]2 years ago
8 0

The true statements are:

  • Raw materials inventory represents the cost of materials not yet used in production.
  • When materials are purchased they are recorded in the Raw materials inventory account.

<h3>What are Raw materials?</h3>

Raw Materials are unprocessed materials used in the production of certain finished products.

In business accounting;

  • The raw materials inventory is recorded as the cost of materials that are yet to be used in production.
  • The materials purchased are usually recorded in the raw materials inventory account.

Learn more about raw materials here:

brainly.com/question/825024

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A firm has an issue of $1,000 par value bonds with a 12 percent stated interest rate outstanding. The issue pays interest annual
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c

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Paul began his speech as follows: They called Lou Gehrig the iron horse. The tireless worker played an astounding 2,130 consecut
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relating the topic to the audience

Explanation:

Based on the scenario being described within the question it can be said that to gain attention and interest Paul related the topic to the audience. Paul did this by comparing Lou Gehrig to the audiences daily lives at school. By doing this it is catching the audiences attention which in term causes them to be interested in the rest of the speech that Paul is giving.

7 0
3 years ago
The employees at Violet Inc. are required to complete their work and leave the office premises by 6:00 p.m. Team outings are org
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Answer: Norms

Explanation:

According to the given scenario, the violet Inc are basically organized the team outing every month for their employees and the company are expected from every employee to be present in the outing.

The given scenario is basically exemplifies the norms as it refers to the attitude and also the behavior. The norms is one of the social values that helps for developing the personality and the human behavior.

Norms is basically defined the standards or the rules for the human on the basis of their attitude and behavior.        

  Therefore, Norms is the correct answer.

4 0
3 years ago
When preparing the statement of cash flows using the indirect​ method, which statement is​ INCORRECT? A. Losses on the sale of l
ExtremeBDS [4]

Answer:

The correct answer is Option A.

Explanation:

A. Losses on the sale of longminusterm assets are subtracted from net income - This is incorrect because on losses on sale of an asset are usually added to the net income to avoid double-counting of income. Under the investing section of the cash flows, the proceed received on disposal is recorded there as inflow, if the losses realized on the disposal are subtracted, there would be a double-counting because the losses had already reduced the net income before.

B. Increases in current liabilities are added to net income - This is an inflow of cash, so it is usually added back.

C. Depreciation expense is added to net income - The explanation under Option A above applies but only that depreciation is a non-cash item, which already reduced the net income and it has to be added back to reinstate the net income.

D. Gains on the sale of longminusterm assets are subtracted from net income - Explanation under Option A applies.

3 0
3 years ago
5-7 Short Run versus Long Run A firm sells 1,000 units per week. It charges $70 per unit, the average variable costs are $25, an
irina1246 [14]

<u>a. The firm should carry out the activities. </u>

<u>b.The firm should carry out activities until it is covering the cost. </u>

<u>c. The firm should shut down business activities when the price of the product goes below $25 in short-run. </u>

<u>d. The firm should shut down business activities when the price of the product goes below $65 in long-run. </u>

Further Explanation:

a  

Steps taken by the firm in the long run:

The sales price of the product is $70. The total average cost of the product is $65. The firm can cover all its costs (variable and fixed) and generating a profit of $5. So it should continue to carry out its business operations in the short run.  

b.

Steps taken by the firm in the long run:

In the long run, all the costs of the firm are variable. In the current case, the fixed cost is around 60% of the total cost. So the firm should attempt to decrease this cost. If the firm can decrease the total cost, it should carry out the business activities. The firm can continue to carry out the operational activities until it is making the profit and covering all the product cost.

c.

The appropriate price for shutting down the business in the short-run:

The firm can shut down the business in the short-run when the price of the product is below $25.

In the short run, the firm can only control the variable cost. The firm can not control the fixed cost of the product. In the given case, the variable cost of the product is $25. Therefore, the firm should shut down the business when the price of the product goes below the variable cost ($25).

d.

The appropriate price for shutting down the business in the long-run:

The firm can shut down the business in the long-run when the price of the product is below $65.

In the long run, the firm can influence all the costs of the business. It can influence the variable cost and the fixed cost of the business. Therefore, it should cover the total cost of the product. Thus, the firm should shut down the business when the price of the product goes below the total cost ($65).

Learn more:

1. Learn more about the variable costing

brainly.com/question/9203162

2. Learn more about the overhead expenses

brainly.com/question/4612804

3. Learn more about the cost of the product

brainly.com/question/1757741

`

Answer details:

Grade: Senior School

Subject: Economics

Chapter: Decision making (Short-run & Long-run)

Keywords: Short Run, Long Run, sells, units, week, charges, average variable costs, average costs, long run, Why, price, consider, shutting down the long run.

6 0
3 years ago
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