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Parker Co. has 4,000 machine hours available to produce either Product 22 or Product 44. The cost accounting department developed the following unit information for each product:
Product 22 Product 44Sales price $27 $50Direct materials 6 8Direct labor 3 2Variable manufacturing overhead 4 5Fixed manufacturing overhead 3 5Machine time required 20 minutes 60 minutes Instructions
Problem 1: Management wants to know which product to produce in order to maximize the company's income. Taking into consideration the constraints under which the company operates, show which product should be produced and sold.
Prior to liquidating their partnership, Morgan and Chow had capital accounts of $32,000 and $60,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership ass..
Karen Company recorded a transfer of all shares to FVTOCI when the fair value was Php 55/share. How much is the gain or loss on reclassification date in 2018
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. Determine the..
An analysis of the general ledger accounts indicates that delivery equipment, which cost $75,000, indicate the items to be reported on statement of cash flows
On December 31, 2016, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $12 million. The business segment qualifies as a component of the entity according to GAAP. Prepare the lower port..
You have just been hired as a consultant to Tangier Industries, a newly formed company. The company president, John Meeks, is seeking your advice as to the appropriate inventory method Tangier should use to value its inventory and cost of goods sold...
Internal controls have been a critical component for an organization in assuring that the financial information provided to users is properly presented and free of misstatement. In addition, it assures that the proper steps to negate and detect fraud..
You believe you need $1,500,000 to retire comfortable at the age 60. What return do you need to reach your goal
The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $10,400 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material c..
The focus is on the concept of red flags and how we detect these inside a corporation. This is important, as the internal controls mechanism should define a specific approach for monitoring financial statements (and the base transactions below the co..
Pfister Corporation prepaid a full year's rents on their warehouse for the period from September 1, 2008 to August 31, 2009. At that time, they debited prepaid rent and credited cash for $24,000. Determine the correct balance in prepaid rent on Decem..
Prepare the income statement of Lily's Green Thumb for the three months January 1 through March 31, 2002. The business is not subject to income taxes
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