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Question :
Sea Eagles, Inc. uses weighted-average process costing. During the current period 60,000 units were started, starting WIP consisted of 8,000 units, 60% complete, and ending WIP was 10,000 units, 30% complete. Normal rework is 2% of the 60,000 units inspected. The inspection point is at the 70% point, and rejected units are returned to the 40% point. The spoilage inspection point is at 80%. Normal spoilage is 3% of the unit's inspected, and 2,000 units were rejected. Materials are added at the beginning of the process and conversion costs are applied evenly. Starting WIP costs were: materials $39,000 and conversion costs $140,000. Current costs were: materials $301,000 and conversion costs $1,084,000.
Evaluate the cost of abnormal rework and spoilage, goods completed, and ending work in process.
2) Give all required consolidation adjustment entries needed to prepare the consolidated financial statements as at 30 June 2010. The balance sheets and income statement of ABC Ltd and XYZ Ltd can be found on the worksheet.
Evaluate the amount of the shortfall
What is the cash break-even level of output for this project
Explain the IASB Conceptual Framework's perspective of users and their decisions.
Write a schedule computing the threshold for asset amounts
Determine the net present value of the project
Financial management and accounting processes
Determine the current year's overhead application rate
Review the companies' balance sheets, statements of income/operations, and statements of cash flows. Identify and describe five similarities
Established an enterprise called the STONE INTERIOR DECORATING COMPANY
Journalize the activities from job cost sheets in the general journal. Also journalize the other costs that occurred during this period of time.
Evaluate the income statement
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