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The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% of direct labor cost. Inventory with the cost of $325,000 was transferred to finished goods. What is the ending balance of goods in process inventory?
Distinguish between liquidity and profitability.
The total equivalent units for direct materials and conversion are 38,000 liters and 40,000 liters, respectively. Determine the direct materials and conversion cost per equivalent unit. Round all answers to nearest cent.
Discus briefly the activity-based costing (ABC) and explain how ABC can differ from traditional costing approaches? Consider a health care organization with which you are familiar with and it uses ABC model.
Leah, Inc. has machinery with a cost of $100,000. The machinery has an estimated useful life of 10 years, and an estimated salvage value of $10,000. The machinery is expected to be able to produce a total of 1,000,000 units during its estimated li..
What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
Benny's Repair Shop started the year with total assets of $100,000 and total liabilities of $80,000. During the year the business recorded $210,000 in revenues, $110,000 in expenses, and dividends of $20,000.
Which of the following would be treated as an extraordinary item?
Net cash flow provided (used) by operating activities. Net cash flow provided (used) by investing activities. Net cash flow provided (used) by financing activities.
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
Some generally accepted accounting principles (GAAP) apply only to health care, and there are many health care organizations that use other comprehensive bases of accounting when GAAP does not apply
What is the definition of externality? Distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
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