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Toy Country Corporation produces children's toys using a liquid plastic formula and a continuose production process. In the company's toy truck work cell, the plastic is heated and fed into a molding machine. The molded toys are then cooled and trimmed and sent to the packaging work cell. All direct materials are added at the beginning of the process. In Nov., the beginning work in process Inventory was 420 units, which were 40% complete; the ending balance was 400 units, which were 70% complete. During Nov., 15,000 units were started into production. The Work in Process Inventory account had a beg. balance of $937 for direct materials cost and $370 for conversion cost. In the course of the month, $31,760 of conversion cost were assigned to the work cell. Using the FIFO costing method, prepare a process cost report that computes the equivalent units for Nov,the product unit cost for the toys, and the ending balance in the Work in Process Inventory account.
analyze each transaction and show the accounts affected by entering the corresponding numbers in the appropriate debit
Consider the recording of journal entries related to common, preferred, and treasury stock. How does the record-keeping of these entries relate to business?
Which of the following is not one of the functions of the Securities and Exchange Commission? a. Providing government-backed insurance to purchasers of securities.
In a merchandising company's income statement, which of the following would NOT be included in the Cost of Goods Sold calculation?
winter lips produces a lip balm used for cold-weather sports. the balm is manufactured in a single processing
Alpha acquired 100% of Beta's common stock for $400,000. On this date the Fair Market Value of some of Beta's assets and liabilities were: Prepare a consolidation workpaper at the date of acquisition based upon the following book values at the date:
On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction.
Determine the amount of depreciation expense for the years ended December 31, 2009, 2010, 2011, and 2012, by (a) the straight-line method, (b) the units-of-production method, and (c) the double-declining-balance method. Also determine the total de..
Cresol Corporation has a large number of potential investment opportunities that are acceptable. However, Cresol does not have enough investment funds to invest in all of them. Which calculation would be the best one for Cresol to use to determine..
Why does it appear that to be highly successful (particularly in a financial sense), we assume that the gains are achieved unethically? Would you cite examples of how (or when) positive and normative theory are used together? What is the benefit of..
Rojas Co. owned 7,000 shares (70%) of the outstanding 10%, $100 par preferred stock and 60% of the outstanding common stock of Brett Co. When Brett reported net income of $780,000, what was the noncontrolling interest in the subsidiary's income?
During 2010, one of the customers of Klote company declared bankruptcy. This customer had been a major purchaser of Klote's products and had owed $40,000 on account to Klote (a material portion of its receivables) at the time of bankruptcy.
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