cA Quiz 2.docx - 1 What is the objective of the economic...

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1. What is the objective of the economic order quantity (EOQ) model for inventory? a . To minimize order costs or carrying costs, whichever are higher b . To minimize the total order costs and carrying costs over a period of time c . To minimize order costs or carrying costs and maximize the rate of inventory turnover d . To order sufficient quantity to economically meet the next period's demand 1 points QUESTION 2 1. The journal entry to record undamaged direct materials returned to the storeroom would be: a . Debit - Factory Overhead Credit - Work in Process b . Debit - Materials Credit - Factory Overhead c . Debit - Materials Credit - Finished Goods d . Debit - Materials Credit - Work in Process 1 points QUESTION 3 1. The Benchley Company uses metal grates when assembling appliances. Information as to balances on hand, purchases, and requisitions of the grates is given in the following table. Date Transa ction Number of Units Unit Price Balance of Units Jan. 1 Beginning balance 150 $2.80 150 Jan. 24 Purchased 450 $3.10 600 Feb. 8 Issued 120 480 Mar. 16
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  • Fall '18
  • RUBY CAMPUZANO
  • Cost Accounting, 1981, 1986, 1973, FIFO and LIFO accounting

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