Acct101 2 - Study guides, Class notes & Summaries

ACCT101 - Ch.2.

ACCT101 - Ch.2 Exam Questions With 100% Correct Answers 1) Which of the following is a reason why a job order costing system is appropriate for a custom 1) furniture manufacturer? A) Custom furniture manufacturers produce large quantities of similar products. B) The direct costs incurred for each job are the same, only indirect costs vary. C) The raw materials used have already been accounted for using process costing. D) The cost incurred for each job will differ as per the order specifi...

ACCT101 Exam Questions With 100% Correct Answers Each of the following are examples of a merchandising company except: - answerMichael's lawn mowing Gross profit is: - answerequal to net sales less cost of goods sold A company reports net sales of $600,000, cost of goods sold of $200,000, and net income of $100,000. Its gross profit equals: - answer$400,000 Merchandise inventory includes: - answer- costs to purchase - shipping costs - costs to prepare for sale Place the operating cycl...