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Problem - Sales returns and allowances - During the year, sales returns and allowances totaled $80,000. The cost of the merchandise returned was $48,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $80,000. Was the accountant's method of recording returns acceptable? Explain. In your explanation, include the advantages of using a sales returns and allowances account.
What The amount of the direct materials quanitiy variance is? The standard costs and actual cost for direct materials for the manufacture of 2,500
The medallions are identical except for the materials used in their manufacture. What costing system would you advise the company to use, and why?
A company purchased a trunk on Jan 1, 2002 for $40,000. The truck has an estimated life of 6 years and an estimated residual value of $4,000.
What was Sampson's variable overhead spending variance? Sampson Apparel Inc. incurred actual variable overhead expenses of $20,000 in the current year
What is the debit entry to Cost of Goods Sold when Sarah records the sale to Smith Landscaping? April 20 current year: Sarah bought 80 bags of mulch for $640.00
What is the concept of push down accounting and how it would impact the consolidation process?
Find and Calculate the standard cost of direct materials.Dex, Inc. installs pre-built decks on mobile homes. They expect to make 300 decks next year
What changes would be necessary in your account if an abnormal gain were achieved in a period? What's the volume of closing WIP
Journalize the closing entries - Automation Services Co. offers its services to companies desiring to use technology to improve their operations
Prepare the company's planning budget for June. For example, utilities should be $1,300 per month plus $0.25 per machine-hour.
What The best way to make businesses take into account the external costs of their activities is by? internalising those costs/penalties
Find The Profitability Index of the project is? PV of an ordinary annuity of 1 at 12% for 10 periods is 5.65. Bonalos cutoff rate is 12%. Tax rate is 30%.
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