1.
A cost-of-quality (COQ) depicts quality-related costs that a firm incurs during a reporting period. These costs are bifurcated into four categories including prevention costs, appraisal costs, internal failure costs, and external failure costs.
:
The total cost of quality for last year and this year.
2.
A cost-of-quality (COQ) report depicts quality-related costs that a firm incurs during a reporting period, that can help management as well as users to determine total spending on quality, identify the areas that need attention, and improvement, and overtime recognizes the effects of their actions on both total quality costs and the components of overall quality costs.
:
Cost of each category as a percent of the total cost of quality of last year.
3.
A cost-of-quality (COQ) report depicts quality-related costs that a firm incurs during a reporting period, that can help management as well as users to determine total spending on quality, identify the areas that need attention, and improvement, and overtime recognizes the effects of their actions on both total quality costs and the components of overall quality costs.
:
Cost of each category as a percent of the total cost of quality of last year.
4.
A COQ report can help management as well as users to determine total spending on quality, identify the areas that need attention, and improvement, and over time recognizes the effects of their actions on both total quality costs and the components of overall quality costs.
:
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- Under which inventory cost flow assumption is the cost of the most recent purchase matched first with sales revenues? Select one: A. FIFO B. Weighted average cost C. LIFOarrow_forwardThe answer is d, ex In a period of rising prices, the inventory method which tends to report the lowest inventory is a. FIFO. b. LISH. c. Specific identification. d. Average - cost.arrow_forward3 Under a periodic inventory system, if the beginning inventory is overstated Select one: a. working capital is understated. b. the current ratio is overstated. c. net income is understated. d. cost of goods sold is understated.arrow_forward
- 3. Indicate the effect of the following errors on gross profit and cost of goods sold (COGS), i.e., whether 'understatement or overstatement'. Treat each item independently of the other items and assume a periodic inventory system. Nature of error Effect of error on: Gross profit COGS a. Overstatement of beginning inventory b. Understatement of purchases c. Overstatement of purchase returns d. Understatement of purchase returns e. Overstatement of ending inventory f. Understatement of ending inventoryarrow_forwardUnder which inventory cost flow assumption is the cost of the most recent purchases likely to remain in inventory? Select one: A. FIFO B. Weighted average cost C. LIFOarrow_forward12.Which of the following statements is correct regarding the direct method of accounting for any write down of inventories to its net realizable value (NRV)? a. An Allowance to Reduce Inventory to Net Realizable Value account is used to record inventory at the lower of cost and NRV. b. The beginning and ending inventories are measured at the lower of cost and NRV when determining the cost of goods sold for the period. c. The beginning and ending inventories are measured at cost when determining the cost of goods sold for the period. d. The decline in NRV of inventory is reported as an other expense while recovery in NRV of inventory is reported as an other income.arrow_forward
- Need correct answerarrow_forwardWhich of the following variations of the reail inventory method would generally result in the lowest cost-to-retail ratio in a period of declinning prices? a. FIFO b. LIFO c. average cost d. lower of average cost or marketarrow_forward1. Journalize the adjustment for inventory shrinkage. 2. Journalize the adjustment for estimated sales returns.arrow_forward
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