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Problem 1: Inventoriable costs are
a. only purchased goods for resale.
b. a category of costs used only for manufacturing companies.
c. recorded as expenses when incurred and later reclassified as assets.
d. recorded as assets when incurred.
Problem 2: Period costs are
a. all costs in the income statement other than cost of goods sold.
b. defined as manufacturing costs incurred this period on the schedule of cost of goods manufactured.
c. always recorded as assets when first incurred.
d. those costs that benefit future periods.
Create the Cost of Production Report for Department: 1 for the month of May, 2020, if company uses "Weighted Average costing system".
Prepare the journal entries to record the flow of costs for December. Weatherguard uses a perpetual inventory system and a single Manufacturing Overhead Control account. Assume that actual overhead is included in WIP inventory.
Calculate the sales price per unit for both products using a 35% markup on cost based on the total unit product cost from #1 above.
O'Reilly Co has been approached by a customer who would like a special job to be done for him. What are the relevant costs of material, in deciding whether or not to accept the contract?
Karla plans to manufacture 96,000 units. Each units requires five minutes of direct labor. Harem Company's budgeted overhead for the month is?
A copy company wants to expand production. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Distinguish among service, merchandising and manufacturing companies (provide examples of each). What are the inventoriable costs of a merchandising business?
The East Company manufactures, What is the percentage of the total fixed costs per unit associated with Product ORD105 with respect to total cost ?
Your CPA,Audit report is not unmodified or the bank loan is not approved, client will pay nothing. Can you accept this type of fee arrangement? If not, why not?
Prepare the adjusting entries for the month of April. Show computation - Depreciation on the equipment is RM 500 per month.
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Indirect materials included in manufacturing overhead cost incurred.
Evaluate Dow's basic and diluted earnings per share
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