Leeds architectural consultants began operations
Leeds architectural Consultants began operations on January 2. The following activity was recorded in the company's Work in Process account for the first month of operations.
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On Dec. 31, 2013 Neyo Co. purchased machinery at $95,933.37. The co. paid $20,000 down & agreed to finance the remainder by making 4 equal payments each Dec. 31 at the implicit interest rate of 12%.
Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. Compute the material price variance.
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Given the following information, compute the ending balances of the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory accounts.
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