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Classic Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel allow is the best raw material of the shaping process. The steel is molded according to the design specifications of automobile manufacturers (Ford and General Motors). The Plating Department then adds an anodized finish. At March 31, before recording the transfer of cost from the Plating Department to Finished Goods Inventory, the Classic Accessories general ledger included the following account:Work in Process Inventory - PlatingMarch 1 balance 26,370Transferred in from Shaping 28,800Direct materials 28,600Direct labor 20,867Manufacturing overhead 36,763The direct materials (rubber pads) are added at the end of the plating process. Conversion costs are incurred evenly throughout the process. Work in process of the Plating Department on March 1 consisted of 600 racks. The $26,370 beginning balance of "Work in Process- Plating" includes $14,400 of transferred in cost and $11,970 of conversion cost. During March, 3,000 racks were transferred in from the Shaping Department. The Plating Department transferred 2,200 racks to Finished Goods Inventory in March and 1,400 were still in process on March 31. This ending inventory was 50% of the way through the plating process. 1. Draw a time line for the Plating Department.2. Prepare the March production cost report for the Plating Department.3. Journalize all transactions affecting the Plating Department during march, including the entries that have already been posted.
Two points on an indifference curve that displays a diminishing marginal rate of substitution between cookies and brownies are: 8 cookies and 2 brownies and 6 cookies and 4 brownies.
You are thinking of hiring 10 more salespeople. The annual cost per salesperson (including salary and benefits) is $120,000. In addition, each salesperson receives as a bonus 10% of the sales he or she generates. How much should your market share ..
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?
If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then:
Kelly does not want to be out of stock on more than 1% of his orders. There is a one-day delivery time. The standard deviation of demand is five plugs per day. Assume a normal distribution of demand during lead time and a 7-day work week.
What is the difference between a rule-based and principle-based system? Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
What is the predetermined overhead application rate for the maintenance department? What is the additional cost to the maintenance department of providing another hour of maintenance?
Maria, who owns a 50% interest in a restaurant, has been a material participant in the restaurant activity for the last 20 years. She retired from the restaurant at the end of last year and will not participate in the restaurant activity in the fu..
Assume Candy Company accounts for accumulated depreciation by eliminating the accumulated depreciation against the gross carrying amount of the asset and restating the net amount to the revalued amount of the asset.
The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.
The Digby team has just purchased $39,660,000 of plant and equipment that has an estimated useful life of 15 years. Suppose at the end of 15 years this plant and equipment can be salvaged for $3,966,000 (1/10th of its original cost). What will b..
Miley, a single taxpayer, plans on reporting $25,000 of taxable income this year (all of her income is form a part-time job). She is considering applying for a second part-time job that would give her an additional $10,000 of taxable income. By ho..
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