User Account

All Pages

Compute the total material cost of december

Assignment Help Accounting Basics
Reference no: EM131725046

Question - Nash Mining Company purchased land on February 1, 2017, at a cost of $1,111,100. It estimated that a total of 52,500 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $95,400. It believes it will be able to sell the property afterwards for $106,000. It incurred developmental costs of $212,000 before it was able to do any mining. In 2017, resources removed totaled 26,250 tons. The company sold 19,250 tons.

Compute the following information for 2017.

(a) Per unit mineral cost $___________________

(b) Total material cost of December 31, 2017, inventory $________________

(c) Total material cost in cost of goods sold at December 31, 2017 $_______________

Reference no: EM131725046

Questions Cloud

How is indian consumerism changing : How is Indian consumerism changing? Is this in favor of foreign retailers or domestic retailers?
What is the total cost per pair of shoes : Swifty Corporation has gathered the following information concerning one model of shoe: What is the total cost per pair of shoes
What is the difference between cost and price analysis : What is the difference between cost and price analysis and when would you use the two when analyzing a contractor's proposal?
Businesswomen about how to start up new business : Come up with a hypothetical story in which you are an attorney advising a group of businesswomen about how to start up a new business.
Compute the total material cost of december : Nash Mining Company purchased land on February 1, 2017, at a cost of $1,111,100. compute the Total material cost of December
Describe conditions that limited european power : Describe and explain the significance of at least three conditions that limited European power, and how Europeans responded to those limitations.
Prepare the journal entry to record the exchange : Bonita Corporation traded a used truck for a small computer with a fair value of $4,158. Prepare the journal entry to record the exchange
Explain what was the context in which suetonius was writing : Explain what was the context in which Suetonius was writing? Where and when was this document written, and what was going on at that time?
Prepare may bank reconciliation : Prepare May 31 bank reconciliation, in the format found in illustration 7A-1, showing the balance per bank statement and the balance per books

Reviews

Write a Review

Accounting Basics Questions & Answers

  Evaluate and explain what types of business entities

Events in the world of corporate finance during the past few years have shown the importance of transparent and accurate financial reporting by businesses.

  Rankine company estimates its bad debts expense by aging

rankine company estimates its bad debts expense by aging its accounts receivable and applying percentages to various

  April 1 20x7 a pressing machine was sold for 71000 it

april 1 20x7 a pressing machine was sold for 71000. it originally cost 185000 and had a book value on december 31 20x6

  Determining loss on repossession

No further collections could be made on an account with a balance of $18,000. It was estimated that the repossessed furniture could be sold as is for $5,400, or for $6,300 if $300 were spent reconditioning it. The gross profit rate on the original..

  Contribution margin for the current and projected year

Compute (1) the contribution margin for the current and the projected year, and (2) the fixed costs for the current year. (Assume that fixed costs will remain the same in the projected year.)

  What way is the securities and exchange commission

In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?

  What are the three basic forms of business organizations

What are the three basic forms of business organizations for profit-oriented enterprises?

  What is the forecast for may based on a weighted moving

what is the forecast for may based on a weighted moving average applied to the following past-demand data and using the

  Alpharetta manufacturing acquired a new production machine

alpharetta manufacturing acquired a new production machine on january 3 2006. the total cost of the machine was

  Determining materials price variance

Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at ..

  Determine the pros/cons of each decision

Evaluate the following and determine the pros/cons of each decision:a. Should College stop hiring temporary employees and ask its full-time workers to work overtime to handle the extra load?b. Should College get its temporary employees from a ..

  Transactions and budgetary comparison schedule.

Transactions and Budgetary Comparison Schedule.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd