a) receipt of cash for services that were performed earlier on account
b) performance of services on account
c) purchase of supplies for cash
d) use of supplies purchased earlier
a) credit balance of $8,000
b) debit balance of $16,000
c) credit balance of $16,000
d) debit balance of $8,000
True or False
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Contemporary Lighting Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows:
Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced are provided in the table below.
Determine the activity rate for each activity.
The Leisure Company, a swimming pool supply company, uses the FIFO (first in, first out) method of valuing inventory. The FIFO method assumes that the first items received are the first items sold.
a. Complete The Leisure Company’s records for receipts of tubs of chlorine.
|Date||Receipts||Unit Cost||Total Cost|
As of May 20, The Leisure Company had sold 160 of the tubs of chlorine.
b. Use the FIFO method to calculate the cost of the 160 tubs sold.
c. Use the FIFO method to calculate the value of the 150 tubs in stock.
The following situation involve a rate of change that is constant. Write a statement that describes how one variable varies with respect to the other, give the rate of change numerically (with units), and use the rate of change rule to answer the question. Example: Every week your fingernails grow millimeters . How much will your fingernails grow in weeks? Solution: The length of your fingernails varies with respect to time, with a rate of change of . In weeks, your fingernails will grow . Your driverless car maintains a constant speed of miles per hour along a highway. How far do you travel in hours? In hours?