The Following Items Were Included in a Corporation's Inventory Account

question 94

Multiple Choice

The following items were included in a corporation's inventory account at December 31,2013: $\begin{array} { l } \text {Including 40 percent mark-up on selling price }&\$14,000\\\text { Goods purchased, in transit, shipped fo.b. shipping point }&12,000\\\text { Goods held on consignment by the corporation}&9,000\\\end{array}$
Merchandise out on consignment,at sale price, The corporation's inventory account at December 31,2013 should be reduced by:

Understand the computation of direct labor rate and time variances.

Understand the concept and interpretation of variance analysis in cost accounting.

Calculate and analyze revenue volume and price variances and their impacts on total revenue.

Apply standard cost and variance analysis concepts to service businesses.

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Definitions:

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