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