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A petrochemical manufacturing company procures a specific chemical compound which costs Rs. 100 per kg. The cost incurred in placing the order has been worked out as Rs. 15 per order. The cost incurred in storage is 5% of purchase price per unit and 4% are insurance charges and 2% are expenses on misc. heads related to holding the compound. Annual usage is 5000 kg. Buffer stock maintained is 200 kg and average lead time is 5 days.
Calculate the following:
a) EOQ
b) Total inventory cost
c) ROL
d) Maximum Inventory
The second was furniture with an original basis of $24,000 placed in service during the first quarter, currently in the fourth year of depreciation, and under the mid-quarter convention. What is Bonnie Jo's depreciation expense for the current yea..
Harris moves and Hoyt refunds $1,050 of the deposit and keeps the remainder to cover $750 which is spent for repairs to the office space and one week of unpaid rent that amounts to $600. How would this information be reflected on Hoyt's tax ret..
A company paid $37,800 plus a broker's fee of $525 to acquire 8% bonds with a $40,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive when the bonds mature equal:
Michaels Company segments its income statement into its East and West Divisions. The company's overall sales, contribution margin ratio, and net operating income are $620,000, 57%, and $57,000, respectively.
Which section of the IRC describes the forms of substantiation a taxpayer must maintain in order to claim valid business-related entertainment expense deductions?
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When the land is sold two years later for $50,000, B..
What impact does corporate taxation have on the accounting profession? What type of role do you see yourself playing with regard to corporate taxation?
Electricity is billed by kilowatt hour. According to its first bill, Raymondo's paid $573 for 3,000 kilowatt hours in January.
Make the required end-of-period adjusting entries for each independent case listed below.
Assume that the excerpts from the Powers Report shown in Exhibit 3 provide accurate descriptions of Andersen's involvement in Enron's accounting and financial reporting decisions. Given this assumption, do you believe that Andersen's involvement in t..
Illustrate journal entries required and demonstrate the calculations necessary. How to calculate a change in the periodic rate is also shown. Plant asset disposal slides illustrate the following situations: retirement, loss on sale, and gain on sa..
One function of the AIS (accounting information system)is to provide adequate controls to ensure the safety of orgnizational assets, including data. Many people, however, often view control procedures as "red tape." Discuss how controls can improv..
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