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Backflush costing and JIT production. The Grand Meter Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in progress. Grand Meter uses a JIT production system and backflush costing with three trigger points for making entries in the accounting system: Purchase of direct materials and incurring conversion costs Completion of good finished units of product Sale of finished goods Grand Meter’s August standard cost per meter is direct materials, $25, and conversion cost, $20. Grand Meter has no direct materials variances. The following data apply to August manufacturing: Direct materials purchased $550,000 Conversion costs incurred $440,000 Number of finished units manufactured 21,000 Number of finished units sold 20,000 Prepare summary journal entries for August (include disposing of under- or overallocated conversion costs). Assume no direct materials variances.
1.Following is the unadjusted trial balance for Augustus Institute as of December 31, 2013, which initially records prepaid expenses and unearned revenues in balance sheet accounts.
calculation of maximum amount of additional finance that can be borrowed.bpc anticipates reaching a sales level of 6
Describe the valuation procedures followed by the acquiring firms to determine whether any goodwill should be recorded as a result of an acquisition.
What depreciation expense would a new energy-efficient HVAC system costing $138,500 be for the first year.
during its first month of operation the rawls repair corporation which specializes in bicycle repairs completed the
A company has a net cash inflow from operating activities of $795,000, a net cash outflow of $62,000 from investing activities and a net cash inflow of $101,000 from financing activities. The cash dividends of $206,000 paid will be reported as a cash..
What special asset does Midland’s acquisition of Shipley Wireless identify? How should Midland Telecom account for this asset after acquiring Shipley Wireless?
Colorado Company in its statement of cash flows. Indicate whether each transaction is an operating - Effects of Transactions on Cash Flows
A machine was purchased for $28,000 and had an estimated scrap value of $4,000. What would the year-end entry be if the units of-production method was used, and it had an estimated life of 32,000 hours? In the first year of operation, it used 7,20..
Fait, Inc. specializes in upgrading cars to meet specialized requirements for safety or comfort. On October 1st, Year 2, the management team decided to improve their production facility. Make the necessary journal entry for the creation of the loan o..
What information can the company gleam from this approach which is helpful as a tool in the decision making process. Explain situations in which break-even analysis can be a useful tool. Provide a specific example.
statement of cash flows1. choose the combination that best reflects the appropriate classification of cash received
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