Which of the following best describes a fractional reserve banking system? a. a banking system in which a large portion of the bank's assets are digital money rather than bills and coins. b. a banking system in which banks keep a portion of deposits on hand to satisfy their customer's demands for withdrawals. c. a banking system in which banks have only partial control over the interest rates they charge on loans. d. a banking system in which net worth is calculated by subtracting a fraction of liabilities from assets. 2b2t

Venus international makes customized furniture and uses job order costing. during a period, its beginning raw materials inventory was $10,000. it purchased raw materials of $20,000 and ended the period with ending raw materials inventory of $3,000. what is the cost of raw materials transferred to work in process inventory?

During june, the company purchased 166,000 pounds of direct material at a total cost of $1,195,200. the company manufactured 26,000 units of product during june using 157,040 pounds of direct materials. the price variance for the direct materials acquired by the company during june is: (do not round intermediate calculations.)

The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo