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Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2014, Nieland incurred research and development costs of $96,000 and brought a patent infringement suit against a competitor. On December 1, 2014, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. The company incurred $85,000 to defend this patent. At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?
Tracking Direct Materials Jack keeps full records of the material released to each job. When Donnie gathered up light bulbs, tape, breakers, wire, and wire nuts on the morning
Types of Standard Costs The standard cost set could be ideal, basic, attainable or current. i. Basic Standards: These are long term standards that would keep unchanged ov
Assignment of Variance in Variance Calculation In variances calculating, the calculations require to be detailed sufficient hence the responsibility for the variance can be a
First In First Out or FIFO Method - Work in Progress This method considers merely those costs incurred throughout the recent period. Equivalent units are calculated given a
Alternative to Total Overhead Variances There is an easier approach to overhead variances. In this approach, the overheads are NOT sub-divided into their fixed and variable e
Behavioral Classification of Costs Definition Cost behavior refers to the change in costs as increase or may decrease like the output level changes that are like we risin
A provision must be made in advance for those debts whose recovery is uncertain and to writing off bad debts. Each enterprise, depends on their past experience, make a provision fo
what is cost audit? types of cost audit explain
advanced sums
In a given period production and cost data were as follows: Total Costs Materials Rs. 5,115 Labour 3,952 Overheads
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