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Wash Clean Laboratories produces biodegradable liquid detergents that leave no soap film. The production process has been automated, so the product can now be produced in one operation instead of in a series of heating, mixing, and cooling operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Operating data for July and August are as follows:
Direct materials
The beginning work in process inventory was 30 percent complete for conversion costs. The ending work in process inventory for July was 60 percent complete; for August, it was 50 percent complete. Assume that the loss from spoilage and evaporation was negligible. Required questions (Please show all work): 1. Using the FIFO costing method, prepare a process cost report for July. 2. From the information in the process cost report, identify the amount that should be transferred out of the Work in Process Inventory account, and state where those dollars should be transferred. 3. Repeat 1 and 2 for August.
On January 1, 2011, Sledge had common stock of $120,000 and retained earnings of $260,000. During that year, Sledge reported sales of $130,000, cost of goods sold of $70,000, and operating expenses of $40,000.
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Land was acquired for $200,000 in exchange for common stock, par $200,000, during the year; all equipment purchased was for cash. Equipment costing $20,000 was sold for $8,000; book value of the equipment was $16,000 and the loss was reported as a..
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Included in this amount is dividend income of $60,000 from another corporation in which the taxpayer owns 90 percent of its stock outstanding. The corporation's taxable income (loss)after the DRD is?
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1. why are budgets useful in the planning process2. a common starting point in the budgeting process is3.
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