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Problem - A manufacturing firm has provided the following information on their production:
Production (units) 16,000
Direct Materials used in Production $55,000
Direct labour $10,000
Overhead $20,000
Sales $400,000
Purchases Direct Materials $53,239
Closing Direct Materials Inventory $10,008
Opening Finished Goods Inventory (500 units) $6,000
Closing Finished Goods Inventory (300 units) $4,000
Required - Calculate the value of Opening Direct Materials Inventory?
Assume the same facts as in Problem 40, except that Danping's records do not identify its CGS. What is Danping's QPAI and DPAD?
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The International Ethics Standards Board for Accountants (IESBA) Handbook of the Code of Ethics for Professional Accountants is available for free download.
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On July 1, 2014, Torvill Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000.
If total liabilities decreased by $15,000 and owner's equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
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