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Slapshot Company makes ice hockey sticks. On June 1, Slapshot had $42,000 of materials in inventory. During the month of June, the company purchased $180,000 of materials. On June 30, materials inventory equaled $51,000.
Required:
Calculate the direct materials used in production for the month of June.
Using the information above, prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting). The beginning fund balance in the government-wide Statement of Net Assets is $2,686,283.
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Evaluate what are the elements for an action based on strict liability and in whose favor is the court likely to rule?
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