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Mallory Manufacturing Company has a maximum productive capacity of 210,000 units per year. Normal capacity is 180,000 units per year. Standard variable manufacturing costs are $10 per unit. Fixed factory overhead is $360,000 per year. Variable selling expense is $5 per unit, and fixed selling expense is $252,000 per year. The unit sales price is $20. The operating results for the year are as follows: sales, 150,000 units; production, 160,000 units; beginning inventory, 10,000 units. All variances are written off as additions to (or deductions from) the standard cost of sales.
1. What is the break-even point expressed in dollar sales?
2. How many units must be sold to earn a net operating income of $100,000 per year?
3. Prepare a formal income statement for the year ended December 31, 2011 under the following:
a. Absorption costing.
b. Variable costing.
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
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Would you please give me some thoughts about this topic: essay discussing the benefits of moving into IFRS from GAAP or some difficulties on doing it.
Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of staff hours for Operating Departments 1 and 2 follow:
On Jan 1, 2002, Frost Company acquired all of TKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 par value common stock. At that date, Frost shares were selling at $22 per share. Historical cost and fair value balance shee..
Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units
If the selling prices of finished products Y and Z remain constant, the percentage of the total joint costs allocated to product Y and product Z would
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Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets
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Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
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