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Question 7
If there were 60,000 pounds of raw materials on hand on January
1, 120,000 pounds are desired for inventory at January 31, and
410,000 pounds are required for January production, how many
pounds of raw materials should be purchased in January?
Question 8
All of the following statements regarding changes in accounting
principles are true except which of the following?
Question 9
On the basis of the budget reports,
Question 10
Holden Packaging Corporation began business in 2014 by issuing
80,000 shares of $5 par common stock for $8 per share and 20,000
shares of 6%, $10 par preferred stock for par. At year end, the
common stock had a market value of $10. On its December 31,
2014 balance sheet, Holden Packaging would report
Question 11
The primary purpose of the statement of cash flows is to
Question 12
Cochran Corporation, Inc. has the following income statement (in
millions):
COCHRAN CORPORATION, INC.
Income Statement
For the Year Ended December 31, 2014
Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Net Income
$240
80
160
65
$ 95