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Pike Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $19.9 per pound and the flakes for $14.2 per pound. On average, 100 pounds of lobster are processed into 56 pounds of tails and 27 pounds of flakes, with 17 pounds of waste. Assume that the company purchased 3,600 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $6,700. No materials or labor costs are assigned to the waste. The company sold 1,882 pounds of tails and 884 pounds of flakes.
1- What is the allocated cost of the sold items? The company allocates joint costs on a value basis.
2- What is the allocated cost of the ending inventory? The company allocates joint costs on a value basis.
There were no other items includable in her gross income. What is the amount of her adjusted gross income?
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Norek Corp. owned 70% of the voting common stock of Thelma Co. On January 2, 2006, Thelma sold a parcel of land to Norek. The land had a book value of $32,000 and was sold to Norek for $45,000.
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Conversion cost per unit equals $9.00. Total materials costs are $60,000. Equivalent units are 20,000. How much is the total manufacturing cost per unit?
Determine the balance sheet inventory carrying value at December 31, 2013, assuming the LCM rule is applied to individual products.
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