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This year Amber opened a factory to process and package landscape mulch. At the end of the year, Amber’s accountant prepared the following schedule for allocating manufacturing costs to the mulch inventory, but her accountant is unsure of what costs need to be allocated to the inventory under UNICAP. Approximately 20 percent of management time, space, and expenses are spent on this manufacturing process. LO 1-5 LO 1-5 Costs Tax Inventory Material: Mulch and packaging $ 5,000 ? Administrative supplies 250 ? Salaries: Factory labor 12,000 ? Sales & advertising 3,500 ? Administration 5,200 ? Property taxes: Factory 4,600 ? Offices 2,700 ? Depreciation: Factory 8,000 ? Offices 1,500 ? Widget Purchase Date Direct Cost Other Costs Total Cost #1 August 15 $2,100 $100 $2,200 #2 October 30 2,200 150 2,350 #3 November 10 2,300 100 2,400 a) At the end of the year, Amber’s accountant indicated that the business had processed 10,000 bags of mulch but only 1,000 bags remained in the ending inventory. What is Amber’s tax basis in her ending inventory after applying the UNICAP rules to allocate indirect costs to inventory? (Assume direct costs are allocated to inventory according to the level of ending inventory. In contrast, indirect costs are first allocated by time spent and then according to level of ending inventory.) b) Under what conditions could Amber’s business avoid having to apply UNICAP to allocate indirect costs to inventory for tax purposes?
Maria, the manager of Department T, was convinced that tennis rackets were really more profitable than baseball bats. She asked her colleague in accounting to break down the overhead cost for the two departments. She discovered that had department ra..
WWE accountants obtain monthly cost information and use regression to derive the cost function below. What variable specific to WWE might the X represent
How much will Casino Corporation owe on this loan after making monthly payments for three years (the amount owed immediately after the thirty-sixth payment)?
Determine the sampling distribution for the sample mean, X' and calculate the mean and the standard deviation for X' and Determine whether X' is an unbiased estimator for μ.
Compute the rental cost for each full month and identify and analyze the effect of the transaction for the payment of rent on September 1.
Prepare a retained earnings statement for the fiscal year ended July 31, 2008.
The Company is considering an investment that will return a lump sum of $700,000, 10 years from now. Evaluate amount should they pay for this investment in order to earn an 6% return
Jarhead Corporation, on March 1, issued $2,500,000, 5-year, 13% bond at an effective interest rate of 11%, receiving proceeds cash of $2,688,440. Interest on the bonds is payable semiannually on March 1 and September 1. The fiscal year begins on Marc..
What is the name given to the probability distribution that has the greatest chance of applying to this situation, In the textile industry, a manufacturer is interested in the number of blemishes or flaws occurring in each 100 feet of material.
multiple choice questions on marginal costing.1. which costs will change with an increase in activity within the
Account for income tax by a corporation) During 2012, the Martell Heights Corp. income statement reported income of $500,000 before tax. The company’s income tax return filed with the IRS showed taxable income of $440,000. At the beginning of 2012, M..
Determine the total costs and the cost amount per unit for the production and sale of 3,500 units of mobile phones. Determine markup percentage(rounded to two decimal places) for mobile phones
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