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Question - Your company manufactures plastic pails and uses raw liquid plastic in bulk form (which it stores in a single large tank) to make the pails. On December 31, 2019 the tank held 590 gallons of liquid plastic valued at $18,000. On January 28, 2020 it bought 10,000 gallons of raw liquid plastic for $300,000, and on September 12, 2020 it bought a further 12,000 gallons for $408,000. Note: all of these 2020 deliveries were stored in the aforementioned tank, and the company uses average costs to value inventory. On December 31st, 2020 there remained 19,000 gallons of raw liquid plastic left over in the tank. Given the above information what is the cost of raw liquid plastic that should be charged to the 2020 (Jan to Dec) Income Statement?
Brannon Company manufactures ceiling fans and uses an activityminus based costing system. Each ceiling fan consists of 30 separate parts. The direct material cost is $ 75 and each ceiling fan requires 3.5 hours of machine time to manufacture. Add..
There was no inventoryat the beginning of the year. What is the value of ending inventory, assuming the use of direct costing?
The conflict between the EU and the IASB suggests that accounting is a social construct. Do you consider accounting to be a social construct or a quasi-science based on precise facts?
Determine the value today of one of these bonds to an investor who requires a 14% rate of return on these securities. Is it a discount or premium bond and why
Discuss implications of using life cycle costing by manufacturing industries giving appropriate examples. Discuss advantages and disadvantages of a JIT system
?In the previous exercise, Mack is given terms of 3/15 n/30, and he pays by day 15. How much will he pay the manufacturer for the order of 110 bikes
What unreimbursed employment-related expenses paid by employees are? Not allowed as trade or business tax deductions/Always deductible for AGI
the vice president of operations of 14 computers inc. is evaluating the performance of two division organized as
It was driven 24000 miles in 2020 and 32000 miles in 2021. What is the depreciation expense for 2020
Determine each of the following: (d) dividends per share of common stock. Round ratios and percentages to one decimal place, except for per-share amounts
Question - Explain the mixed attribution model and discuss the tradeoff between relevance and reliability in financial statements
For each partner, calculate the adjusted cost base of his partnership interest at December 31, 2018 and January 1, 2019
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