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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?
Surprise Corporation's sales budget showed expected sales of 13,400 widgets. Starting finished goods contained 1,200 widgets. The firm determined that 14,100 units should be produced.
What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?
A company entered into the following material contracts at the beginning of the year: For each of the above contracts, prepare any necessary journal entries and notes to be included in the financial statements.
In its first year of operations, Harden Con. earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at year-end. The company also prepaid $3,750 cash for ..
Determine how the company Coca cola could best allocate costs to divisions, plants, departments, contracts, and / or products. Explain your rationale.
Peter Catalano's Verde Vineyards in Oakville, California produces three varieties of wine: Merlot, Viognier, and Pinot Noir. His winemaster, Kyle Ward, has identified the following activities as cost pools for accumulating overhead and assigning i..
Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method?
Management at Davis Corporation has determined the following demand schedule in units. Prepare a production plan with the chase strategy, relying only on hires and layoffs.
financial analysts typically measure financial leverage as the ratio of debt to equity. However, there is less agreement on how to measure debt, or even equity. How would you treat the following items in computing this ratio?
An alumnus donates securities to St. Aloysius College, a private college, and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognize..
For each of the following independent cases, use the equation method to compute the economic order quantity.
Prepare a schedule starting with pretax financial income and compute taxable income. Prepare the journal entry to record income taxes for 2011.
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