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Question 1: Find the weekly gross profit if the product was and was not processed further?
Point 1: Indigo Industrial Products Inc. is a diversified industrial-cleaner processing company. The company's Dargan plant produces two products: a table cleaner and a floor cleaner from a common set of chemical inputs (CDG). Each week, 891,000 ounces of chemical input are processed at a cost of $212,400 into 594,000 ounces of floor cleaner and 297,000 ounces of table cleaner. The floor cleaner has no market value until it is converted into a polish with the trade name FloorShine. The additional processing costs for this conversion amount to $241,800.
Point 2: FloorShine sells at $21 per 30-ounce bottle. The table cleaner can be sold for $20 per 25-ounce bottle. However, the table cleaner can be converted into two other products by adding 297,000 ounces of another compound (TCP) to the 297,000 ounces of table cleaner. This joint process will yield 297,000 ounces each of table stain remover (TSR) and table polish (TP). The additional processing costs for this process amount to $109,000. Both table products can be sold for $15 per 25-ounce bottle.
(Purchase Commitments) At December 31, 2014, Indigo Girls Company has outstanding noncancelable purchase commitments for 36,000 gallons, at $3.00 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material..
J.P. Morgan Tells Analysts To Warn of a Downgrade By Wade Lambert and Jathon Sapsford Staff Reporters of The Wall Street Journal March 22, 2001 J.P. Morgan Chase & Co.'s head of European research told his team of analysts they must run all changes in..
CASH DIVIDENDS AND INCOME TAXES During the year ended December 31, 20-2, Bebeto Company completed the following selected transactions: Prepare journal entries for the transactions.
A company’s stockholders' equity at January 1, 2014 is as follows: Acquired 6,000 shares of its stock for $270,000. Sold 3,600 treasury shares at $50 a share. Sold the remaining treasury shares at $41 per share. The company uses the cost method to re..
Dean and Robin owned a family business, each holding the shares as community property. When they were divorced in 2011, the court did not force them to split the shares, citing damage to the business that could occur if the public learned that owners..
The Mateo Corporation's inventory at December 31, 2016, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Merchandise costing $30,000, shipped f.o.b. shipping point from a vendor on December..
The company makes several other products that utilize some of the same manufacturing procedures as the new product. Which cost estimation method would be the best method to determine total cost of manufacturing the new product?
The following journal entries are recorded in Kiera Co.’s process cost accounting system. Kiera produces handbags and scarves. Overhead is applied to production based on direct labor cost for the period. Prepare a brief explanation (including any ove..
production and sales data of Shingle Co. for March of the current year, prepare (a) a sales budget and (b) a production budget.
Your firm is planning to move to International Financial Reporting Standards (IFRS) reporting within the next fiscal year. Analyze the risks and rewards by moving to IFRS and the impact that technology will have on the change. Include the advantages ..
Prepare a statement of financial position for ABC ltd as at 30 June 2012 to comply with AASB 101 and prepare a statement of changes in equity for ABC ltd for the year ended 30 June 2012, according to the requirements of AASB 101.
On December 1, 2014, XYZ Company sold 10,000 of its 10%, 15-year, $1,000 face value, nonconvertible bonds with detachable stock warrants at 102. Each bond carried three detachable warrants. Prepare in general journal format the entry to record the is..
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