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For each of the four accounts listed below, prepare an example of a journal entry that would cause the account to be
(1) Debited and
(2) Credited using a process costing system. Assume perpetual inventory records are maintained. Include written explanations with your journal entries and use XXX in place of dollar amounts.
a. Materials Inventory b. Direct Labor c. Manufacturing Overhead d. Finished Goods Inventory
Compute the cost of a single unit of product under both the absorption costing and variable costing approaches.
Prepare the correct trial balance, assuming all accounts have normal balances and trial balance of Lagerstrom Company
Prepare a sales budget, by month and in total, for the third quarter. Also prepare a schedule of expected cash collections, by month and in total, for the third quarter.
Plum Corporation began the month of May with $ 700,000 of current assets, a current ratio of 2.50:1, and an acid test ratio of 1.10:1. During the month, it completed the following transactions (the company uses a perpetual inventory system).
The following data refer to one year. Fill in the blanks.
Prepare a differential analysis report, dated April 21 of the current year, on the proposal to sell at the special price and prepare a differential analysis report, dated March 12 of the current year, on the decision to make or buy Part Q.
The Business Solution Inc. seeks to provide a full package of tax, bookkeeping, management accounting and business software set up for businesses worldwide; this will allow effectiveness and cost saving over in-house accounting and ensure total co..
Describe the reasons a consulting firm might use a normal costing system rather than an actual costing system.
Tan's designers have determined that adding a different type of material to the existing diect materials would result in no defective units being produced, but it would increase the variable costs by $4 per lamp in the Molding Department.
Discuss the issues that must be taken into consideration when setting selling prices, which is the usual reason given for the need to know the full cost.
What is the total cost of producing 1,000 axles and what is the total cost of producing 1,500 axles and what is the per unit cost when producing 1,500 axles?
Produce a per unit cost statement for each product, a breakeven point with underlying assumptions to support your figures and prepare a Five Year Budget Income Statement using marginal costing principles
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