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Problem
The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day:
Beginning WIP inventory Direct materials $ 970 Conversion costs 512 Current period costs Direct materials 22,295 Conversion costs 13,437
Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory 650 units (60% complete as to materials,54% complete as to conversion)Current period units started 5,600 units Ending inventory 1,800 units (40% complete as to materials,20% complete as to conversion)
Compute the cost of goods transferred out and the ending inventory using the weighted-average method.
Using the columnar approach, calculate the variable overhead spending and efficiency variances
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Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer.
Will the amortization of Discount on Bonds Payable increase or decrease Bond Interest Expense? Explain.
parker plumbing has received a special one-time order for 1500 faucets units at 5 per unit. parker currently produces
These activities are designed to ensure nothing significant has occurred between the completion of your fieldwork and the issuing of the audit report
In terms of K, D, and h, what is the average length of time that an item spends in inventory before being used to meet demand? Explain how this result can be used to characterize a fast-moving or slow-moving item.
Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share.
Beginning inventory was 15,000 units and ending inventory was 10,000 units. The fixed manufacturing overhead was $8 per unit. How will absorption cost net income differ from variable cost net income?
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Batan Company: Accumulated Depreciation; Depreciation Expense; N. Batan, Capital; N. Batan, Drawing; Service Revenue; Supplies; and Accounts Payable.
For each transaction, give (a) the name of the account being debited or credited, (b) the basic account type (A, L, SE, R, E), (c) whether the account is increased (1) or decreased (2) due to the transaction, and (d) whether the account normally hold..
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