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Cedar Rapids Chemical placed 220,000 liters of direct materials into the mixing process. At the end of the month, 10,000 liters were still in process, 30% converted as to labor and factory overhead. All direct materials are placed in mixing at the beginning of the process which means that for materials, the ending inventory is considered 100% completed; because conversion costs occur evenly during the process. Cedar Rapids Chemical uses weighted-average costing.
Required: Determine the equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory.
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Fixed expenses charged to the department are $65,000 per year. It is estimated that $40,000 of these fixed expenses could be eliminated if the department is discontinued. These data indicate that if the department is discontinued, the company's ov..
On July 1, 2011, Patton Company should increase its Held-to-Maturity Debt Securities account for the Scott Co. bonds by:
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