Farmer Frank entered into a contract with Chef Neil to buy 200 pounds of potatoes, but Farmer Frank is to hold them in storage until a certain date in the near future. After the pick-up date has passed but before the potatoes go bad, Chef Neil fails to pay for the potatoes. If Farmer Frank sells the potatoes to a local diner to make potato soup and salad, then this action would be considered a(n)

Which of the following statements is true? a job costing system will have a separate work in process account for each of the major processes. a process costing system will have a single work in process account. a process costing system will have a separate raw materials account for each of the major processes. a process costing system will have a separate work in process account for each of the major processes.

In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?

It is most important to account for factors like warranties and durability when purchasing durable goods or very expensive items