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Lucas Company uses the weighted average method in its process costing system. The company adds materials at the beginning of the process in the forming department, which is the first of two stages in its production process. Materials are 100% complete with respect to beginning and ending work in process inventory. Information concerning operations in the forming department in October follows. What was the materials cost of work in process on October 31? Units Material Cost Work in process on October 1 6,000 $3,000 Units started in October 50,000 $25,560 Units completed and transferred to next department during October 44,000
Describe a real-world problem you have encountered, in either your personal or professional life, in which you needed to use fractions or decimals to solve the problem.
Suppose that energy savings are less than claimed. Calculate the minimum annual cash savings that must be realized for the project to earn a rate equal to the firm's cost of capital.
Prose Corp. owns 70% of the common stock of Script Co. Script's revenues for 20x1 totaled $200,000. What amount of Scripts' revenues would be included in the consolidated total under the economic unit concept?
As a CPA, explain to your client the significance of the income and principal categorization scheme used for fiduciary accounting purposes. Also, use this thread to discuss the current events on the Bush Tax Cut expiration, the alternatives and ..
Determine the missing amount in each of the following:
Tomba Corporation had 557,400 shares of common stock outstanding on January 1, 2014. On May 1, Tomba issued 34,200 shares. Compute the weighted-average number of shares outstanding if the 34,200 shares were issued for cash. Compute the weighted-avera..
A company has recorded the following variances for a period:Sales volume variance $10,000 adverse Sales price variance $5,000 favourable Total cost variance $12,000 adverse Standard profit on actual sales for the period was $120,000. What was the fix..
What does full disclosure mean? How does full disclosure affect financial reporting? Are there any ethical implications to what must be reported in order to comply with full disclosure? Explain. What recommendations would you make to management regar..
Compute the product cost per container of frozen yogurt under (a) variable costing and (b) absorption costing. Prepare income statements for 20x1 using (a) absorption costing and (b) variable costing.
Suppose you need to decide whether to keep a machine or replace it with a new one: Assume both machines produce similar good with similar value that yields similar revenue. Consider income tax of 38% and minimum rate of return 10%. Construct incremen..
Jolly Company uses the FIFO method in its process costing system. Beginning inventory in the mixing processing center consisted of 4,500 units, 75% complete with respect to conversion costs. Ending work in process inventory consisted of 3,500 units, ..
Louis, Toi, Alonzo, and Sylvia, (L, T, A, and S) a local public accounting firm, uses job order costing to capture the costs of reviews performed. There were no review jobs in process on July 1. Total estimated overhead for reviews for the year is $1..
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