Which of the following terms is used to describe products that are partly made?
A. Inventory
B. Materials
C. Work in Progress
D. Bought-in inventory
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On 1 September there were 600 units of inventory in warehouse A, valued at $3.50 each.During September the following receipts and issues occurred.What is the total value of the units issued on 27 September using the LIFO method of valuation?
A. $1,875
B. $1,895
C. $1,880
D. $1,900
Managers use financial information to help them plan, control and make decisions. The following pieces of information would be used by managers for which of those purposes?Reviewing actual spend against budgeted figures
A. Planning
B. Control
C. Decision-making
Determining where spending cuts can be made
A. Planning
B. Control
C. Decision-making
Setting the price at which a new product will be sold
A. Planning
B. Control
C. Decision-making