Question
In: Accounting
true/ false Electricity purchased to operate factory machinery would be included as part of the cost...
true/ false Electricity purchased to operate factory machinery would be included as part of the cost of products manufactured under the absorption costing concept. t/f For a period during which the quantity of inventory at the end equals the inventory at the beginning, income from operations reported under variable costing will equal income from operations reported under absorption costing. t/f The taxes on the factory superintendent's salary would be included as part of the cost of products manufactured under the variable costing concept. t/f For a period during which the quantity of inventory at the end was larger than that at the beginning, income from operations reported under variable costing will be smaller than income from operations reported under absorption costing. t/f
Solutions
ekkarill92 answered 1 year agoRelated Solutions
True or False The amount of under or overapplied factory overhead would generally be greater at...
True or False The amount of under or overapplied factory
overhead would generally be greater at the end of the year than at
interim periods during the year.
true or false- 1. Goods purchased, shipped FOB shipping point, and in transit should be included...
true or false-
1. Goods purchased, shipped FOB shipping point, and in transit
should be included in the purchasers year end inventory.
2. In a period of changing prices, the consistency principle
prohibits a company from changing to a more favorable inventory
cost method.
Explain reason in detail.
1. True or False: Disaster Planning is not part of the BCP? 2. True or False:...
1. True or False: Disaster Planning is not part of the BCP?
2. True or False: you still need a BCP or DRP if you have
business liability insurance, asset replacement insurance and
natural disaster insurance
3. True or False: If a business cannot operate, the BCP assists
in bringing the business back to life and operational
readiness.
4. True or False: a BIA helps define the scope of the BCP
itself.
5. True or False: The purpose of having...
Is GAAP part of accounting true or false?
Is GAAP part of accounting
true or false?
Oil and gas reserves information would be included within the financial statements. Select one: True False
Oil and gas reserves information would be included within the
financial statements.
Select one:
True
False
True/False ____ 1. The most effective means of presenting standard factory overhead cost variance data is...
True/False
____ 1. The most effective means
of presenting standard factory overhead cost variance data is
through a factory overhead cost variance report.
____ 2. Factory overhead uses
different variances than direct materials and direct labor because
factory overhead has fixed and variable cost elements. Direct
materials and direct labor are variable costs.
____ 3.
Standard costs may be incorporated into the accounts in the general
ledger.
____ 4. Standards should be
revised when prices, product designs, labor rates, or...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $930,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
135,000
N/A
N/A
Building
430,000
none
20
Machinery
230,000
12% of cost
10
Equipment
135,000
$
13,000
4
Total
$
930,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $1,090,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
145,000
N/A
N/A
Building
590,000
none
20
Machinery
150,000
12% of cost
8
Equipment
205,000
$
16,000
6
Total
$
1,090,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $1,050,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
125,000
N/A
N/A
Building
550,000
none
20
Machinery
190,000
12% of cost
8
Equipment
185,000
$
13,000
4
Total
$
1,050,000
On June 29, 2019, machinery included...
On March 31, 2018, the Herzog Company purchased a factory complete with machinery and equipment. The...
On March 31, 2018, the Herzog Company purchased a factory
complete with machinery and equipment. The allocation of the total
purchase price of $950,000 to the various types of assets along
with estimated useful lives and residual values are as follows:
Asset
Cost
Estimated Residual Value
Estimated Useful
Life in Years
Land
$
125,000
N/A
N/A
Building
450,000
none
20
Machinery
250,000
12% of cost
10
Equipment
125,000
$
13,000
4
Total
$
950,000
On June 29, 2019, machinery included...
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