Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Pitt Corp. makes and sells a single product, widgets. Two pounds of
sand are needed to make one widget. The budgeted production of
widgets for the next two months follows:
September
October
25,000 units
31,000 units
The company wants to maintain monthly ending inventories of sand
equal to 20% of the following month's production needs. On August 31,
10,000 pounds of sand were on hand.
How much sand should be purchased in September?
MCQ
A smartphone manufacturer uses approximately 48,000 lithium batteries annually. The batteries are consumed at a steady rate during the 260 workdays per year that the factory operates. The annual holding cost per battery is $0.75, and the ordering cost is $30 per order. What is the number of workdays in an order cycle?
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- The lower of cost or net realizable value rule is an application of ?(a) Matching principle (b) Monetary unit assumption (c) Going concern concept (d) Conservatism principlearrow_forwardThe variance." department may be responsible to incur a "sales volume A) Marketing B) Production C) Purchasing D) Personnelarrow_forwardCost Accountarrow_forward
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