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Pacific Ink had beginning work-in-process inventory of $374,240 on October 1. Of this amount, $158,080 was the cost of direct materials and $216,160 was the cost of conversion. The 28,000 units in the beginning inventory were 40 percent complete with respect to both direct materials and conversion costs.
During October, 48,000 units were transferred out and 14,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $1,167,600 for direct materials and $1,511,320 for conversion.
Required:
Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.
The securities sold on December 9 had cost the company $7,000, whereas the securities sold on December 18 had cost the company $6,000. (a) Record the purchase of marketable securities on December 4.
What is the total basis of the Apple Corporation stock, the per share basis, and gain recognized upon receipt of the common stock dividend?
write down a system of equations to model the situation. the sum of two numbers is 23. if one of the numbers is halved
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At the beginning of 2008, a decision was made to change to the straight-line method of depreciation for this equipment. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, net of tax, is
Under the acquisition method, if the fair values of identifiable net assets exceed the value implied by the purchase Pratt of the acquired company, the excess should be:
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is:
Hemingway, Inc. applies factory overhead based on direct labor costs. The company incurred the following costs during 2011: direct materials costs, $650,000; direct labor costs, $3 million; and factory overhead costs applied, $1,800,000.
A house worth $70,000 is purchased with a down payment of $20,000 and a mortgage amortized over 20 years. If the interest rate is 14% compounded semi- annually;
Determine the payback period and unadjusted rate of return (use average investment) for each alternative. Indicate which investment alternative you would recommend. Explain your choice.
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