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Cost flows and overhead application
Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.
a. Compute the total cost of the work in process inventory on January 31.
b. Compute the cost of jobs completed during January, and present the proper journal entry to reflect job completion.
Evaluate the value-added, the value-added ratio, and total lead time
Find the balanced scorecard and its perspectives on performance and evaluate total quality management (TQM) and the costs of quality
Prepare a perpetual inventory record for this merchandise, to determine the company's cost of goods sold for the quarter and the value of ending.
Depreciation reported on the tax return exceeded depreciation reported on the income statement by $128,000. This difference will reverse in equal amounts of $32,000 over the years 2015-2018. Interest received on municipal bonds was $11,600.
Bermudez Leasing Company purchased specialized equipment from Holmes Company on December 31, 2009 for $400,000. On the same date, it leased this equipment to Berry Company for 5 years, the useful life of the equipment.
A customer places 10 orders with a total direct cost of $3,000, orders 300 separate items, and makes 5 returns. Evaluate the customer be charged?
Axis uses periodic inventory system. Using FIFO method, evaluate the amount of cost of goods sold for the month?
Hamby Inc. has sales of $ 2,000,000 for the forst quarters of 2014. In making the sales the company incurred the following costs and expense Variable Fixed Cost of Good sold $760,000 $600,000 Selling expenses $ 95,000 $ 60,000 Administrative expense..
Inman Manufacturing Company makes a product that it sells for $60 per unit. The company incurs variable manufacturing costs of $31 per unit. Variable selling expenses are $5 per unit, annual fixed manufacturing costs are $191,000, and fixed sellin..
Liltua Company pays $375,280 for real estate plus $20,100 in closing costs. The real estate consists of land appraised at $157,040; land improvement appraised at $58,890; and a building appraised at $176,670. Allocate the total cost among the thre..
Evans made an installment sale on 2-1-2012 totaling $200,000. The merchandise cost $140,000. Ignore interest. Collections totaled $40,000 in 2012, $80,000 in 2013 and $30,000 in 2014. Using the cost recovery method, how much profit would be shown ..
Balanced Scorecard measures, low-total-cost value proposition; Check an organization with the low-total-cost value proposition and suggest within each of the four Balanced Scorecard perspectives
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