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Graded Exam #2-2-11

Graded Exam #2-2-11 - Question 2 Correct 6.00pointsout...

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Question 2 Correct 6.00 points out of 6.00 Question 3 Correct 6.00 points out of 6.00 Refer to the figure above. Calculate the cost of goods manufactured for the period in question. Select one: a. $553,000. b. $536,000. c. $549,000. d. $527,000. e. $525,000. The correct answer is: $527,000. The total cost of goods completed during the accounting period for a manufacturer is called: Select one: a. Ending finished goods inventory. b. Total manufacturing costs. c. Ending goods in process inventory. d. Cost of goods manufactured. e. Cost of goods sold. The correct answer is: Cost of goods manufactured.
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Question 4 Correct 6.00 points out of 6.00 Question 5 Correct 6.00 points out of 6.00 The direct method of reporting operating cash flows: Select one: a. Is recommended but not required by the FASB. b. Must be used by all companies. c. Is used by most companies. d. Is considered supplementary disclosure. e. Is not recommended by the FASB, but is commonly used. The correct answer is: Is recommended but not required by the FASB. Raw materials inventory includes only direct materials. Select one: True False The correct answer is 'False'.
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Question 6 Correct 6.00 points out of 6.00 Question 7 Correct 6.00 points out of 6.00 Question 8 Correct 6.00 points out of 6.00 The dollar change for a financial statement item is calculated by: Select one: a. Subtracting the analysis period amount from the base period amount. b. Subtracting the base period amount from the analysis period amount. c. Subtracting the analysis period amount from the base period amount, dividing the result by the base period amount, then multiplying that amount by 100. d. Subtracting the base period amount from the analysis period amount, dividing the result by the base period amount, then multiplying that amount by 100.
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  • Fall '14
  • Correct Answer, formal methods

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