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Kiner Company transfers out 14,000 units and has 2,000 units of ending work process that are 25% complete. Materials are entered at the beginning of the process and there is no beginning work in process. Assuming unit materials costs of $3 and unit conversion costs of $6, what are the costs to be assigned to the units (a) transferred out and (b) in ending work in process?
Moran corporation has these accounts at December 31:common stock,$12 par, 5150 shares issued,$61,800;paid in,capital in excess of par value $20,100, retained earning $42,360, and treasury stock-common, 510 share,$12,240. Prepare the stock holders ..
During the fiscal year, the general fund of Phoenix City was legally required to transfer $80,000 to the debt service fund. Only $60,000 was transferred.
Assume that you are part of the audit team and assess a client's audit risk as high. Suggest what procedure the audit team should implement to reduce the risk to the firm.
Suppose that nominal output rises from $12.5 trillion in 2005 to $13 trillion in 2006. Assume also that the GDP deflator rises from 100 to 105.
On September 15, the City decided to borrow $200,000 in 90 day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will inc..
Using the high-low method of analysis, the estimated variable cost per labor hour for maintenance is closest to: A) $0.83 B) $1.84 C) $1.30 D) $1.14
During bankruptcy, US Corporation debt was reduced from $780,000 to $400,000. USA Corporation's assets are valued at $500,000. USA's NOL carryover was $400,000.
Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.
The amount of overhead cost that the company applied to work in process for October was:
A bond with a five-year term to maturing, a 12 percent coupon (annual payments), and a market yield of 10 percent.
Summary balance sheet data for Greener Gardens Co. is shown below (in thousands of dollars). The company is in a highly seasonal business, and the data show its assets and liabilities at peak and off-peak seasons:
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is:
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