Indicate whether the given statement is true or false.

Question

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Answer 1

Question

Chapter 11, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

Purchase requisition
Purchase order
Receiving report
Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

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Coronado Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours x (54,000+10,200)]. Estimated annual manufacturing overhead is $1,566,090. Thus, the predetermined overhead rate is $16.26 or ($1,566,090 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models. The company's managers identified six activity cost pools and related…

Coronado Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours x (54,000+ 10,200)]. Estimated annual manufacturing overhead is $1,566,090. Thus, the predetermined overhead rate is $16.26 or ($1,566,090 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models. The company's managers identified six activity cost pools and related…

The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. Required: Using the payroll registers, complete the General Journal entries as follows: February 10 Journalize the employee pay. February 10 Journalize the employer payroll tax for the February 10 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base. February 14 Issue the employee pay. February 24 Journalize the employee pay. February 24 Journalize the employer payroll tax for the February 24 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employee will exceed the FUTA or SUTA wage base. February 28 Issue the employee pay. February 28 Issue payment for the payroll liabilities. March 10 Journalize the employee pay. March 10 Journalize the employer payroll tax for the March 10 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base.…

Answer 2

Question

Chapter 11, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

Purchase requisition
Purchase order
Receiving report
Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

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Answer 3

Question

Chapter 11, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

Purchase requisition
Purchase order
Receiving report
Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

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Answer 4

Question

Chapter 11, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

Purchase requisition
Purchase order
Receiving report
Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

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Answer 5

Chapter 11, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

Purchase requisition
Purchase order
Receiving report
Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

Answer 6

Chapter 11, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Explanation of Solution

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

Purchase requisition
Purchase order
Receiving report
Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

Answer 7

Chapter 11, Problem 1TF

To determine

Indicate whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1TF

The given statement is false.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Purchases: The amount of cost of merchandise bought during a certain period is referred to as cost of purchases.

Documents used in purchasing process:

Purchase requisition
Purchase order
Receiving report
Purchases invoice

Description: Purchase invoice is the last document prepared in the purchasing process, and purchase requisition is the first document. Hence, the statement is false.

Answer 12

Conclusion

Thus, the given statement is false, in stating that purchase invoice is the first document prepared in the purchasing process.

Answer 13

Ch. 11 - Prob. 1TF Ch. 11 - Prob. 2TF Ch. 11 - A trade discount is a reduction from the list or...Ch. 11 - Prob. 4TF Ch. 11 - FOB shipping point means that transportation...Ch. 11 - Prob. 1MC Ch. 11 - In the income statement, Freight-In is (a) added...Ch. 11 - Prob. 3MC Ch. 11 - The difference between merchandise available for...Ch. 11 - Prob. 5MC

Indicate whether the given statement is true or false.

Indicate whether the given statement is true or false.

Answer to Problem 1TF

Explanation of Solution

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Chapter 11 Solutions