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Martinez Manufacturing Inc. showed the following costs for last month:
Direct materials ................... $7,000Direct labor ......................... 3,000Manufacturing overhead ......... 2,000Selling expense .................... 8,000Last month, 6,000 units were produced and sold.
Required:
1. Classify each of the costs as product cost or period cost.
2. What is total product cost for last month?
3. What is the unit product cost for last month?
Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31, 2008, for $28,000 cash, after using the truck for two full years and accumulating a depreciation of $16,000.
Under the modified accrual basis of accounting, revenues are recognized in the period:
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Common stock of Ely Inc. (30% ownership), cost $210,000, equity $270,000. Prepare the investments section of the balance sheet.
Cash and other assets that are expected to be converted tocash or sold or used up within one year or less through the normal operations of the business are called __________.
Godert pharmaceutical company has many scientists working in the labs trying to develop anti-aging drug. The cost of this research and development should be.
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Mary and Jane, unrelated taxpayers, hold Gray Corporation's stock equally. One year before the complete liquidation of Gray, Mary transfers land (basis of $600,000, fair market value of $180,000) to Gray Corporation as a contribution to capital.
1. indicate the best answer for each question in the space provided.1 examples of value-added activities include all of
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