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The first-in, first-out method is used to cost inventories. what was the number of equivalent units of production for conversion costs for the period ?
On January 15, the purchaser returns $1,750 worth of paper for full credit(approved by Shah) against the bill. Should the shipment on the December 31 be recorded as a sale? Discuss the ethics of Sha
Assume that there are 2,000 hours available on the cutting machine and that the demand for each product is 15,000 units. If one more hour of machine time could be obtained, how much would profits in
what would be the amount of differential cost increase or decrease from making the part rather than purchasing it?
The management of Clare Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2011, the accounting records show the following data.
Schneider Inc. had salaries payable of $60,000 and $90,000 at the end of 2010 and 2011, respectively. During 2011, Schneider recorded $620,000 in salaries expense in its income statement. Cash outfl
Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?
How would consolidated cost of goods sold have differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar?
Lebo made two errors: (1) 2011 ending inventory was overstated $3,000, and (2) 2012 ending inventory was understated $6,000.
X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2011, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the e
Jones Company had 100 units in beginning inventory at a total cost of $10,000.The company purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in ending invento
Webb Co. acquired 100% of Rand Inc. on January 5, 20011. During 2011, Webb sold goods to Rand for $2,400,000 that cost Webb $1,800,000. Rand still owned 40% of the goods at the end of the year. Cost
Cotton Hotel Corporation recently purchased Emporia Hotel and the land on which it is located with the plan to tear down the Emporia Hotel and build a new luxury hotel on the site. The cost of the E
Journalize the transactions using a perpetual inventory system. (b) Enter the beginning cash and common stock balances, and post the transactions. (Use J1 for the journal reference.)
Lebo Hardware reported cost of goods sold as follows.Compute the correct cost of goods sold for each year.
Alpha Co. sold 10,000 shares of common stock , which has a par value of $10 for 13$ per share. The company's balance sheet in retained earnings is $75,000. Prepare the stockholder's equity section o
In December, 2012, after incurring $800,000 in exploration costs, which were accumulated in an expense account, Horton discovered sulphur deposits appraised at $4,500,000 more than the value of the
If Holt's variable costing net operating income for this first year is $397,800, what would its absorption costing net operating income be for this first year?
If Lynch Corporation sells and issues 100 shares of its $10 par value common stock at $11 per share, the entry to record the sale will not include a
Variable and Fixed overhead is applied to products on the basis of standard direct labor-hours. Data relating to manufacturing overhead costs are as follows:
Property can be tansferred within the family group by gift or death. One motivation for preferring the gift approach is:
Windsor Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $2,700 of supplies on hand.
The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit.
During the year ended December 31, 2009, it reported a net income of $10,000, declared and paid a cash dividend of $2,000, and issued additional capital stock of $20,000. Therefore, total stockholde
However, a $3,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period.