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Winter Lips produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip balm was in process on May 31, and Winter Lips started production on 20,400 lip balm tubes during June. Direct materials are added at the beginning of the process, but the conversion costs are incurred evenly throughout the process. Completed production for June totaled 15,200 units. The June 30 work in process was 40% of the way through the production process. Direct materials costing $4,080 were placed in production during June, and direct labor of $3,315 and manufacturing overhead of $1,005 were assigned to the process. 1. Draw a time line for Winter Lips2. Use the time line to help you compute the total equivalent units and the cost per equivalent unit for June.3. Assign total costs to (a) units competed and transferred to Finished Goods and (b) units still in process at June 30.4. Prepare a T-account for Work in Process Inventory to show activity during June, including the June 30 balance.
Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the effective- interest method. Prepare the journal entry for the interest receipt of December 31, 2011, and the discount amorti- zation under the straight-line..
when a company applies the partial equity method in accounting for its investment in a subsidiary and initial value, book values, and fair values of net assets acquired are all equal, what consolidation worksheet entry would be made?
Assume all investments are short-term and readily marketable. The following transactions occurred.June 2; purchased 300 shares of Beaty Corporation common stock for $45 per share; July 1; purchased 200 Meng Corporation bonds for $220,000; July 30;..
Calculate the average returns on small-company stocks and u.s. treasury bills. Calculate the variances and standard deviations of the returns on small-company stocks and u.s. treasury bills.
Please help with writing a research paper that examines an issue of current relevance to public policymaking.
Evaluate the impact to a business when compensation, such as sales commissions and bonus, are tied to achieving budgeted expectations. Suggest how management can prevent employees from manipulating results.
Jeffrey Mogul is a Hollywood film producer and he is currently evaluating a script by new screenwriter and director, Betty Jo Thurston. Jeffrey knows that the probability of a film by a new director being a success is about .10 and the probability..
The Acme Company has an $8,000,000 balance in accounts receivable. Their CPA believes that there are very few misstatements. Which of the following would the CPA use to audit the account?
Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $45,000. Compute the amount of Wiley's net income for the month.
Frank Clarke, an employee of Smithson Company, was covered under a noncontributory pension plan. Frank died on April 15 2010 at age 64 and pursuant to the plan, his widow received monthly pension payments of 500 beginning May 1 2010.
Molly, age 29, is unmarried and is an active participant in a qualified deductible (traditional) IRA plan. Her modified AGI is $61,000 in 2010. a. Calculate the amount that Molly can contribute to the IRA and the amount she can deduct.
In 2006 Bombay Corporation had cash receipts of $14,000 and cash disbursements of $8,000. Their ending cash balance at December 31, 2006 was $22,000. What was their beginning cash balance?
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