1.The financial statements are crucial for all companies' stakeholders. True or False 2.An example of process...
1.The financial statements are crucial for all companies' stakeholders.
True or False
2.An example of process costing is producing
specific sport cars
similar small pens
heterogeneous huge units
none of the above
3. Merchandise ending inventories are part of cost of goods sold schedule and balance sheet statement.
True of False
4. Assume that ending balance of inventory is $100 for the first year of operation and the beginning balance inventory is $40, the average inventory for the first year of operation is ($100+$40) / 2.
true or false
5. Job order costing is adequate when the units produced are
a. Homogenous
b. Different
c. Similar and very small
d. Similar and very large
Homework Answers
1. TRUE
Financial statements are crucial for all company's stakeholders. This is because financial statements provide the financial performance of the company for a given time period and as on date. All the stakeholders are interested in the financial results of the company to know the worth of their investments made.
2. Option (b) is correct
Similar small pens is an example of process costing. Process costing involves producing similar or identical items employing a consistent process.
3. TRUE
Merchandise inventories are part of cost of goods sold schedule and balance sheet. Merchandise inventories are deducted from the total cost of goods produced to arrive at the cost of goods sold. Also in the balance sheet, merchandise inventories are shown in the current assets section of the balance sheet.
4. TRUE
Average inventory = Beginning inventory + Ending inventory / 2
5. Option (b) is correct
Job order costing is adequate when the units produced are different.
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