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Problem - Bohanan manufactures a stuffed bear called Smokee. Last year 100,000 bears were made and sold for P30 each. The actual unit cost for the stuffed bear follows:
Direct materials P 4.00
Direct labor 6.00
Variable overhead 5.00
Fixed overhead 8.00
Total unit cost P23.00
The only selling expenses were a commission of P2 per unit sold and advertising totaling P50,000. Administrative expenses, all fixed, equaled P150,000. There were no beginning or ending finished goods inventories.
Required - Prepare an income statement for external users?
Prepare the general journal entry (without explanation) for the payment of the balance due. If no entry is required then write "No Entry Required."
Membership in a global technology association.
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one of the problems we have has been a lack of ethics. mortgage backed securities were issued without real mortgages
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