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Lumberjacks, Inc. makes wood frames. They have a single department and they use process costing (FIFO method). On January 31, they had the following costs in WIP: Material: $100,000 + Conversion: $135,000 = $235,000 There were 4,000 frames on hand at 1/31. The frames were 100% complete wrt Materials costs but only 20% wrt Conversion costs. During February, they started 13,000 frames into production. 12,000 frames were completed during the month and transferred out. The frames that weren't completed were 100% complete wrt Materials costs but only 40% complete wrt Conversion costs. Total manufacturing costs incurred in February were: Material: $44,540 + Conversion: $92,536 = $137, 076 1. What were the total costs to be accounted for? 2. What was the cost per equivalent unit for February for Material and Conversion? 3. What was the total cost of the frames transferred to finished goods in February? 4. What was the total cost in WIP at 2/28?
On November 10, JumpStart Co. provides $2,000 in services to clients. At the time of service, the clients paid $730 in cash and put the balance on account. Journalize this event. If an amount box does not require an entry, leave it blank. Calculate t..
How should the cost of developing computer software be deducted for tax purpose. Which type of exemption is not permitted under the streamlined sales & Use tax initiative:
Seymour Group issued $4,000,000 of 15 year 8% stated rate bonds on July 1, 2014 to yield 10%, which is similar to the current market rate for bonds of similar riskiness. The bonds are semi-annual and the first interest payment is December 31, 2014.
What is the aftertax cash flow from this sale if the tax rate is 35 percent?- What is the operating cash flow?- What is the project's initial investment outlay?
The CAE of PJS Company is working with senior management and the board to develop a combined assurance model and has asked you for advice. What factors might influence the CAE’s decision to postpone an assurance engagement? What services might the in..
FASB recently changed the rules regarding extraordinary items (although our textbook had the prior guidance). Under the new rules, extraordinary items are no longer allowed. Do you agree with FASB’s decision to still allow managers to report disconti..
Determine the amount of the equipment’s accumulated depreciation reported in the balance sheet dated December 31, 2011.
Make the journal entry necessary for Landers Inc. to record the purchase if the purchase price is $650,000 cash. Assume that the purchase price is $320,000 cash. Make the journal entry necessary to record the purchase.
be you apparel inc. is considering two investment projects. the estimated net cash flows from each project are as
Cindy, Inc. sells a product for $15 per unit. The variable expenses are $6 per unit, and the fixed expenses total $30,200 per period. By how much will net operating income change if sales are expected to increase by $42,000?
"Activity-based costing is just another inventory valuation method. It isn't relevant for making operating decisions." Do you agree with this statement? Explain
During the quarter ended 3/31/2015, Simonis Inc. collected $100 of cash from customers, paid $60 of cash to suppliers, paid $30 of cash to employees and other creditors, and recorded a $5 loss on sale of equipment. There were no other cash flows rela..
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