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At the end of 2010, Jackson Tank Company's accounts showed a $66,000 credit balance in Manufacturing Overhead Control. In addition, the company had the following account balances:.
Work in Process Inventory $384,000
Finished Goods Inventory 96,000
Cost of Goods Sold 720,000
a. Prepare the necessary journal entry to close the overhead account if the balance is considered immaterial.
b. Prepare the necessary journal entry to close the overhead account if the balance is considered material.
c. Which method do you believe is more appropriate for the company and why?
Oatly is concerned about the collectability of outstanding loan and whether the trucks still exist. He thus engages Susan Virms, CPA, to count the trucks, using registration information held by Oatly.
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Justify your decision, showing your calculation and overall company's net operating income or loss before and after eliminating Northern Division.
If the price per unit differs from the standard price per unit for direct materials, the variance is:
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