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Problem - The merchandise inventory was destroyed by fire on December 31. The following data were obtained from the accounting records:
Jan. 1 Inventory $ 350,000
Jan. 1-Dec. 31 Purchases (net) 2,950,000
Sales 4,440,000
Estimated gross profit rate 35%
Required -
a. Estimate the cost of the inventory destroyed.
b. Briefly describe the situations in which the gross profit method is useful.
Budgets play a critical role in management activities such as planning, controlling and motivating employees. Reflect on whether or not the budgets were effectively applied and whether your experience was positive or negative.
This change was not mentioned in the financial statements or notes. Is this a violation? If this is a violation explain the accounting convention
A capital investment, At a 14% required rate of return, the net present value of the investment is $0. The capital investment should be rejected if?
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Discuss the Comparability, Verifiability, Timeliness and Understandability are qualitative characteristics which enhance the usefulness
The change in the account balances of these two accounts resulted in total expenses:
Calculate material, labor, and overhead variances. List a possible cause for each variance.
What June direct material flexible-budget variance is? During June, Heavy Products produced and sold 15,000 containers using 25,000 pounds
Make a cost of goods manufactured schedule for June 2020. Depreciation, factory equipment 1,550.Indirect factory labour $4,550
Using the activity-based costing approach, calculate the amount of overhead applied to products, and make the appropriate journal entry.
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The predetermined overhead rate for Zane Company is $5, comprised of a variable overhead rate of $3 and a fixed rate of $2. The amount of budgeted overhead
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