Homework Help is Here – Start Your Trial Now!
Business
Accounting
Answer items 39 & 40

Answer items 39 & 40

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Answer items 39 & 40

True or False 31. When prices are rising, lower income will be reported using FIFO compared with using LIFO. 32. An overstated ending inventory leads to understated net income. 33. The purchase price per unit of inventory is relevant in the computation on EOQ. 34. Total factory labor cost is composed of direct and indirect labor. 35. The total factory labor cost is debited to the work-in-process account. 36. Gross earnings of an employee include employer's share in SSS contribution. 37. Process costing is used by companies making unique products. 38. Determining the unit cost of a product is an output of financial accounting. 39. Fixed cost is constant per unit of product. 40. There will be fewer supplies under JIT than a conventional system.
Transcribed Image Text:True or False 31. When prices are rising, lower income will be reported using FIFO compared with using LIFO. 32. An overstated ending inventory leads to understated net income. 33. The purchase price per unit of inventory is relevant in the computation on EOQ. 34. Total factory labor cost is composed of direct and indirect labor. 35. The total factory labor cost is debited to the work-in-process account. 36. Gross earnings of an employee include employer's share in SSS contribution. 37. Process costing is used by companies making unique products. 38. Determining the unit cost of a product is an output of financial accounting. 39. Fixed cost is constant per unit of product. 40. There will be fewer supplies under JIT than a conventional system.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS