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You are the accountant for the Best Outdoor Living company which manufactures various outdoor furniture. The furniture is sold by specialty stores and through internet outlets. You are responsible for reviewing costs and creating standards costs based on the information you have reviewed.
One of your former colleagues has recently started a company to collect and sell data on industry benchmarks. You are offered the chance to receive benchmarks from other outdoor furniture companies for free if you will provide the standard and actual costs for the last three years of your company. As creation of the standards is a tedious process, you feel this data would be helpful in your job.
Problem 1: Review the IMA's ethical guidelines, under Reading Preparation and identify the conflict with the guidelines.
Problem 2: What are the relevant factors in this situation and how you should handle this, and what you would recommend to the Controller
Problem - Calculating COGS under a Periodic Inventory System. A physical count of inventory was done at year-end, resulting in $239,000 in inventory
Prepare an income statement according to the absorption costing concept. Enter all amounts as positive numbers
Use the information for Rick Kleckner Corporation from BE21-3. Assume that at December 31, 2011, Kleckner made an adjusting entry to accrue interest expense of $29,530 on the lease.
The equipment has no alternative future use. What is the amount of research and development costs that should be expensed in 2015
if we are just assuming the actual quantity of the product is 840 kg and its standard market price is 48 which is to
Archer Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September.
Assume that all debt is shared equally by the members. Prepare Schedule K-1 for Ryan Ross, 15520 W. Earlson Street, Pacific Palisades, CA 90272
Compute the valuation for the December 31, 2013, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies)
Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement
On May 11, Sydney Co. accepts delivery of $40,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point.
The president of Southern Semiconductor Corporation (SSC) made this statement in the company's annual report: "SSC's primary goal is to increase the value of our common stockholders' equity." Later in the report, the following announcements were m..
You just won a settlement and are trying to decide on the option of 15 annual payments of $100,000.00 per year or the lump sum payout.
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