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San Fernando Fertilizer Company plans to sell 370,000 units of finished product in July and anticipates a growth rate in sales of 30 percent per month. The desired monthly ending inventory in units of finished product is 70 percent of the next month's estimated sales. There are 259,000 finished units in inventory on June 30. Each unit of finished product requires four pounds of raw material at a cost of $1.45 per pound. There are 700,000 pounds of raw material in inventory on June 30.
(a) Compute the company's total required production in units of finished product for the entire three month period ending September 30.
(b) Independent of your answer to requirement (1), assume the company plans to produce 500,000 units of finished product in the three-month period ending September 30, and to have raw-material inventory on hand at the end of the three-month period equal to 23 percent of the use in that period. Compute the total estimated cost of raw-material purchases for the entire three-month period ending September 30.
Required: Show the effects of the below transactions on the assets, liabilities and owner's equity.
William Stevenson sold his warehouse to a public utility for $24,000 under a threat of condemnation. He paid $25000 for the property and spent an addition $1000 for a new roof. He had claimed $3600 depreciation in conjunction with the condemnation..
The adjusted trial balance of Rocky Acre Spread Inc. on December 31, 2012 includes the following accounts: Accumulated Depreciation, $6,000; Depreciation Expense, $2,000; Notes Payable $7,500; Interest Expense $150; Utilities Expense, $300.
In Saint-Simon, Inc., the Assembly Department started 18,000 units and completed 21,000 units. If beginning work in process was 9,000 units, how many units are in ending work in process?
The rental fee for the manufacturing facility is $7,000 per month. How much of the rental cost should be allocated to the products made in January and to those made in February?
During 2006, NICO Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax r..
which accounting process is the recognition or non-recognition of business activities as accountable events?
Pick a country of your choice that is experiencing population growth.(I picked Mexico City,Mexico;18,131,000 in 2007, r is 1.7% expected to double in 40 years (0.69/0.017=40.6) pop. growth rate 1.142%(2008 est) find the most recent population coun..
Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder.
Describe some considerations for observing physical inventory. Explain a fraud scheme that may be used for inventory.
If Dizbert Company concluded that an investment originally classified as available for sale would now more appropriately be classified as held to maturity, Dizbert would:
What are some typical types of transactions that appear in the financing section of the statement of cash flows?
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