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Problem - What are the journal entries for these transactions showing possible inventory cost flows?
1) Purchased, on credit 10,000 lbs. of mix at $.50 per lb.
2) Used 8,000 lbs. in production.
3) A physical inventory of material reveals a shortage of 200 lbs.
4) Added $4,000 of direct labor and $2,000 of manufacturing overhead to production.
5) Completed production of $12,000 of finished goods.
Required - What are the balances in the Raw Material, WIP and Finished Goods?
Standard Quantities Allowed of Labor and Materials Packard Company produces ready-to-cook oatmeal. Each carton of oatmeal requires 16 ounces of rolled oats.
On January 1, 2010, the Sanders Corporation purchased equipment having a fair value of $68,301.30 by issuing a non interest bearing, $100,000, four year note due December 31, 2013.
The petty cash fund balance was increased by $114 to $363 on April 20. Prepare the journal entries to record transactions
Holtzman Company is in the process of preparing its financial statements for 2014. Assume that no entries for depreciation have been recorded in 2014. The following information related to depreciation of fixed assets is provided to you. 1. Holtzma..
Prepare a 10-column work sheet for fiscal year 2011, starting with the unadjusted trial balance and including adjustments based on these additional facts.
on july 2012 hallo corporation a wholesaler of communication equipment issued 34000000.00 of 20year 12 bonds at a
Depreciation on the equipment is $15,600 per year. If the adjusting entries were not recorded, would net income be higher or lower and by how much
What are executory costs? How are they accounted for by the lessee in a capital lease when paid by the lessee? When paid by the lessor? Explain.
consider the following probability distribution of returns estimated for a proposed project that involves a new
Compute the net cash provided by operating activities using the indirect method assuming that net income was $125,000 for the year.
garcia corporation purchased a truck by issuing an 112800 5-year zero-interest-bearing note to equinox inc. the market
Cleopatra Cosmetics Company is planning a one-month campaign forMay to promote sales of one of its two cosmetics products. Atotal of $110,000 has been budgeted for advertising, contestsredeemable coupons
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