True or False 1. Lionworks, Inc. creates custom cat trees using found materials. The cat trees...
True or False
1. Lionworks, Inc. creates custom cat trees using found materials. The cat trees would probably be inventoried using the specific−identification method.
2. The various inventory costing methods will still produce the same cost of goods sold value.
Homework Answers
Add Answer to:
True or False
1. Lionworks, Inc. creates custom cat trees using found
materials. The cat trees...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods woul...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 1) 2) Conversion costs include direct labor and direct materials. 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory...
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory for the year is understated, net income for the year is overstated. In the inventory for the year is overstated, owner’s equity reported on the balance sheet at the end of the year is understated. The specific identification inventory method should be used when the inventory consists of identical. Low cost units that are purchased and sold frequently. Of the three widely used inventory...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1)...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
correct answer TRUE/FALSE. Write T' if the statement is true and 'F if the statement is...
correct answer
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system. 1) 2) Conversion costs include direct labor and direct materials 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department...
correct answer TRUE FALSE. Write T if the statement is true and F if the statement...
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Dundas Company's inventory records for its retail division show the following at January 31: E: (Click...
Dundas Company's inventory records for its retail division show the following at January 31: E: (Click the icon to view the accounting records.) At January 31, 11 of these units are on hand. Read the requirements. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a)...
Exercise 6-41 Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following...
Exercise 6-41
Inventory Costing Methods
Crandall Distributors uses a perpetual inventory system and has
the following data available for inventory, purchases, and sales
for a recent year:
1. Compute the cost of ending inventory and the
cost of goods sold using the specific identification method. Assume
the ending inventory is made up of 40 units from beginning
inventory, 30 units from purchase 1, 80 units from purchase 2, and
40 units from purchase 3.
Cost of ending inventory
$
Cost...
1. The perpetual inventory method cannot be used in a job order cost system. True False...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Dundas Company's inventory records for its retail division show the following at October 31: (Click the...
Dundas Company's inventory records for its retail division show the following at October 31: (Click the icon to view the accounting records.) At October 31, 11 of these units are on hand. Read the requirements. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 1) 2) Conversion costs include direct labor and direct materials. 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
correct answer
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system. 1) 2) Conversion costs include direct labor and direct materials 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department...
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Dundas Company's inventory records for its retail division show the following at January 31: E: (Click the icon to view the accounting records.) At January 31, 11 of these units are on hand. Read the requirements. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a)...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Dundas Company's inventory records for its retail division show the following at October 31: (Click the icon to view the accounting records.) At October 31, 11 of these units are on hand. Read the requirements. Requirement 1. Compute cost of goods sold and ending inventory, using each of the following four inventory methods: Begin by entering the number of units sold and number of units in ending inventory. Then calculate cost of goods sold and ending inventory using (a) specific...
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 1 hour ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 3 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 4 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 5 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 7 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 8 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 9 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago