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Yang Company has budgeted the following unit sales:
2008 Units
January 10,000
February 8,000
March 9,000
April 11,000
May 15,000
The finished goods units on hand on December 31, 2007, was 2,000 units. Each unit requires 3 pounds of raw materials which is estimated to cost an average of $4 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 20% of next month's anticipated sales. They also have a policy of maintaining a raw materials inventory at the end of each month equal to 30% of the pounds needed for the following month's production. There were 8,640 pounds of raw materials on hand at December 31, 2007.
For the first quarter of 2008, prepare (1) a production budget and (2) a direct materials budget.
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Legolas Company paid $5,000 cash for executive salaries. When thejournal entry to record this payment was made, the payment wasmistakenly added to the cost of land purchased by Legolas. Thejournal entry needed to correct this error wouldbe:
Driller who is 56 years old is provided with 120000 of group term life insurance by his employer. Based on the IRS uniform premium cost table the total annual cost of a policy of this type id 9.00 per 1000 of coverage.
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On August 1, 2009, Columbo Co.'s treasurer signed a notepromising to pay $240,000 on Dec. 31, 2009. The proceeds of thenote were $232,000.
In manufacturing its products for the month of September 2008, El Dorado Corporation incurred normal spoilage of $7,000 and abnormal spoilage of $3,000. How much spoilage cost should El Dorado charge as inventoriable for the month of September 200..
If you create a butterfly spread using 3 put options, the profit will be different from the butterfly spread using 3 call options with the same strike prices
During 2010, Burlington Company incurred operating expenses amounting to $600,000, of which $550,000 was paid in cash; the balance will be paid in January 2011. On the 2010 income statement of the company, what amount should be reported for operat..
The SEC has always wanted and expected more information and disclosure in the financial statements.
Set up the known information in a linear statement and find the missing cash sales by reversing the additive functions also complete an Accrual Income Statement.
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