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Problem A The following data refer to a production center of Sipp-Fizz, a soft drink bottler: Work in process inventory, August 1, 4,000 units (units equal 12-bottle cases): Direct materials $12,000 Direct labor 6,120 Manufacturing overhead applied 8,000 $26,120 Units started in August 12,000 Costs incurred in August: Direct materials $36,000 Direct labor 48,000 Manufacturing overhead applied 60,000 The beginning inventory was 100 per cent complete for materials and 50 per cent complete for conversion costs. The ending inventory on August 31 consisted of 6,000 units (100 per cent complete for materials, 70 per cent complete for conversion costs). Compute the following: a. Number of units completed and transferred to finished goods inventory. b. The equivalent units of production for materials and conversion costs using the average cost method. c. Cost per equivalent unit for materials and conversion costs. d. Cost of units completed and transferred. e. Cost of ending inventory.
Buffalo Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: The ending inventory balance of $412,000 included damaged goods at their original cost of $38,000. The net realizable..
IN regards to a business combination, in which all the assets and all the liabilities (asset acquisition of a company are obtained, in "Investment - xxx" account is not debited in the initial journal entry, by the acquirer to record the business comb..
Matchless computer company has been purchasing carrying cases for its portable computers and delivered cost of $55 per unit the company which is currently operating below full capacity charges factory overhead to production at the rate of 40 percent ..
Non-manufacturing fixed costs for March equal $36,000 of which half are salaries. Salaries are expected to increase by 5% in April. The only variable non-manufacturing cost is sales commission equal to 1% of sales revenue.
On January 1, 2012, Pearl Inc. purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Pearl paid for the purchase on January 8. Determine the..
Era Company has 3,000 shares of 5%, $100 par non-cumulative preferred stock outstanding at December 31, 2013. No dividends have been paid on this stock for 2012 or 2013.
Welnor Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $320,000 for November, $340,000 for December, and $330,000 for January. Prepare a Schedul..
Prepare a bank reconciliation at October 31, 2007, and journal entries. Identify the items above that will require journal entries in the accounting records. Circle the corresponding number.
Red Barron Trucking discloses in the notes to the financial statements certain lease obligations. Sally Smith, CPA, believes that the failure to capitalize these leases is a departure from generally accepted accounting principles.
What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2014?
Calculate the 2013 inventory turnover, days sales outstanding (DSO), fixed assets turnover, and total assets turnover. Calculate the 2013 debt-to-assets and times-interest-earned ratios.
Which of the following is not an operating budget?
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