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On January 1, 2009, the Needy Firm signed a lease that need payments of $90,000 per year for eight (8) years with each payment made at the end of every year.
On December 31, 2008 Firm P reported assets of $800 million and liabilities of $350 million. On January 1, 2009 it acquires Firm S for $350 million cash.
Zenon Chemical, Company, processes pine rosin into three (3) products: turpentine, paint thinner, & spot remover. During May, the joint value of processing was $240,000.
Tanzy Company's ending inventory includes the following items. Calculate the lower cost or market for ending inventory (a) as a whole & (b) applied separately to each product.
Cabigas Company manufactures two (2) products, Product E and Product F. The firm estimated it would incur $167,140 in manufacturing overhead costs during the current period.
Sea Company reports the following information regarding its production cost. Calculate production cost per unit under variable costing.
Oregon Lumber processes timber into four (4) products. During January, the joint costs of processing were $280,000. There was no inventory at the starting of the month.
Carolina Metal Works has been estimating its policies with respect to control of cost of metal tubing, one of the company's major component materials.
Flykow productions manufacturing & sold 1000 production at $11000 each during the last year. At the starting of the year, production had been set at 1200 products;
Nevada Learning Aids makes wooden lap desks. A small fire on October 1 partially destroyed the books & records relating to September's production.
The firm is considering using an activity based costing system to calculate unit product costs for external financial reports instead of its traditional system based on direct labor hours.
Flavor land Brands packages single sized servings of sugar & sugar substitute for fast food restaurants. The activities needed to package sugar are fewer & less complex than for sugar substitu
A company is considering three different proposals for conveyance facilities for its sales personnel who encompass to do considerable travelling measuring around 40,000 Kms every year.
Differentiate between the cost allocation and cost apportionment.
Illustrate the significance of Cost Drivers in the Activity-Based Costing (ABC).
Make a cost sheet and compute the profit under cost accounts supposing indirect expenditures are absorbed on the basis of the normal production capacity.
Make a Memorandum Reconciliation Account from the given particulars Profit shown by cost books Rs. 30,114 and by financial books Rs. 19,760. On reconciling the given information in available:
What do you mean by the term operation costing and operating costing? Explain their necessary features and state where these can be helpfully implemented.
Illustrate the meaning of process costing? In what types of industries is process costing usually applied?
A factory employs a job costing system. The given cost data are available from the books for the year ended 31st March:
What do you mean by the term job costing? Illustrate the main features of this method? Give a Performa cost sheet under such a system.
Explain the role of the cost accountant in finding out the quotation price for a tender.
You are needed to compute the machine hour rate essential to provide for recoupment of the cost of operating the machine.
What do you mean by absorption of overhead? Describe in brief the various methods for absorption of factory overheads?
Illustrate the objectives and characteristics of the Incentive Wage Scheme?