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A company uses a prepetual inventory system. It entered intothe following calendar year 2009 purchases and salestransactions.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan.1 Begininginventory............... 770 units @$50/unit Feb. 10 Purchase............................. 420units @ $41/unit Mar.13 Purchase.............................. 260 units @ $25/unit Mar.15 Sales..................................... 770 units @ $75/unit Aug. 21 Purchase............................... 180 units @ $49/unit Sept. 5 Purchase............................... 585units @ $42/unit Sept. 10 Sales..................................... 650units @ $75/unit Totals.................................... 2,215units 1,420 units
a) Compute cost of goods available for sale and the number of units available for sale.b) Compute the number of units in endinginventory.
Calculate the predetermined overhead rate for the year using each of the following cost drivers:
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Which one is not a main objective of financial reporting on SFAC 1?
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Identify and describe the general formula for calculating the adjusted basis of property.
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a finance professor and a marketing professor were recently comparing notes on their perceptions of corporations. The finance professor claimed that the goal of corporation should be to maximize the valur to the shareholders. The marketing profess..
On December 1, 2002, Blake Inc. signed an operating lease for a warehouse for 10 years at $24,000 per year. Upon execution of the lease, Blake paid $48,000 covering rent for the first two years. How much should be shown in Blake's income statement..
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to depreciation of fixed assets is provided to you.
The Nunnally Company has equal amounts of low-risk, and high-risk projects. Nunnally estimates that is overall WACC is 12%. The CFO believes that this is the correct WACC for the company's average-risk projects
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