What happens in a competitive industry when more firms enter? a. supply increases and the price rises, which in turn raises profits. b. demand decreases and the price declines, which in turn lowers profits. c. supply increases and the price declines, which in turn lowers profits. d. demand increases and the price rises, which in turn raises profits?

Which of the following entries would be made to record the requisition of $12,000 of direct materials and $6,900 of indirect materials? (assume that indirect materials are included in raw materials inventory.) a. manufacturing overhead 18,900 raw materials inventory 18,900 b. wip inventory 12,000 manufacturing overhead 6,900 raw materials inventory 18,900 c. raw materials inventory 18,900 wip inventory 18,900 d. wip inventory 18,900 raw materials inventory 18,900

Rare beef roasts can be cooked to what internal temperature? a) 120°f b) 130°f c) 145°f d) 155°f

Regarding the flow of costs through the inventory accounts, which of the following statements is incorrect? a. the costs flow from raw materials inventory to work-in-process inventory to finished goods inventory. b. the format for computing the amount used, manufactured, or sold is the same for all three inventory accounts. c. the final amount at each stage is added at the beginning of the next stage. d. purchases of raw material and freight in are debited to the work-in-process inventory account.