The inventory data for an item for November are:
Nov. 1 Inventory 20 units at $20
4 Sold 10 units
10 Purchased 30 units at $21
17 Sold 20 units
30 Purchased 10 units at $22
Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30?
For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.
Based on the following data, what is the acid-test ratio, rounded to one decimal point?
Accounts payable $32,000
Account receivable 64,000
Accrued liabilities 7,000
Intangible assets 40,000
Long-term investments 100,000
LOng-term liabilities 75,000
Marketable securities 35,000
Notes payable (short-term) 20,000
Property, plant, and equipment 625,000
Prepaid expenses 2,000
The ratio of the sum of cash, receivables, and marketable securities to current liabilities is called the:
a. price-earnings ratio
b. earnings ratio
c. acid-test ratio
d. current ratio
The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.