Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost: 819 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans Bramble Corp. purchased Cullumber Company and agreed to give stockholders of Cullumber Company 9300 additional shares in 2020 if Cullumber…….. 657 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans All other things equal including costs, if customers are more sensitive to price for one product than another, then to maximize profit the first product should have a higher price 793 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans If the formula for the markup percentage on absorption cost is used for setting prices, then the company’s desired return on investment (ROI) will be attained regardless of how many units are actually sold. 1.62K viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans Indicate whether the following costs of Colgate-Palmolive Company, a maker of consumer products, would be classified as direct materials cost, direct labor cost, or factory overhead cost: 960 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans Under the absorption approach to cost-plus pricing described in the text, all fixed costs are included in the cost base in setting a selling price. 859 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans The markup over cost under the absorption costing approach would decrease if the required rate of return increases, holding everything else constant 1.11K viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans In the absorption approach to cost-plus pricing, the anticipated markup in dollars is equal to the anticipated profit 1.36K viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans The markup over cost under the absorption costing approach would decrease if the unit product cost increases, holding everything else constant 774 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans Variable selling and administrative costs are excluded from the cost base used to set a selling price under the absorption approach to cost-plus pricing described in the text 966 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans The absorption costing approach to cost-plus pricing will result in attaining the company’s required rate of return only if forecasted unit sales are realized 744 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E). a. Loss on the disposal of equipment considered to be obsolete because of the development of new technology. 793 viewsDarshita Changed status to publish February 18, 2020 0 Votes 1 Ans No Doubt Company includes 1 coupon in each box of soap der that it packs, and 10 coupons are redeemable for a premium (a kitchen utensi In 2017, No Doubt Company purchased 8,800 premiums at 80 cents and sold of powder at $3.30 per box, 44,000 coupons were presented for redemption in 2017. It is esti- mated that 60% of the coupons will eventually be presented for redemption. Instructions 1.78K viewsDarshita Changed status to publish February 17, 2020 0 Votes 0 Ans No Doubt Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2014, No Doubt Company purchased 9,780 premiums at 80 cents each and sold 150,800 boxes of soap powder at $3.40 per box 607 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Crane Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment 805 viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system. 1.16K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Record the following transactions for Sparky’s Pet Shop using the general journal form provided below. Assume Sparky’s uses a perpetual inventory system. Omit transaction descriptions from entries 2.68K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Journalize the following transactions assuming a perpetual inventory system.: May 5 Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30. Prepaid freight costs of $100 were added to the invoice. May 12 Issued a debit memo to Archie Co., for $2,500 of merchandise returned from purchase on May 5th. May 14 Paid Archie Co. for invoice of May 5, less debit memo of May 12 and discount. 1.26K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans Journalize the following transactions assuming the perpetual inventory system: July 3 Sold merchandise on account $3,750. The cost of the merchandise sold was $2,000. July 5 Issued credit memo for $1,050 for merchandise returned from sale on July 3rd. The cost of the merchandise returned was $610. July 12 Received check for the amount due for sale on July 3rd less return on July 5th. July 17 Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise sold was $3,830. 1.32K viewsDarshita Changed status to publish February 17, 2020 0 Votes 1 Ans On March 15th Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905.00. (a) Journalize the sale and the recognition of the cost of the sale. 1.27K viewsDarshita Changed status to publish February 17, 2020 « Previous 1 2 … 11 12 13 14 15 … 128 129 Next »
