What was direct labor
As of December 31, 2010, all jobs were finished, but there were four jobs that were not sold. Costs incurred on these four jobs were $1,228. Cost of goods sold for the year was $31,500. What was direct labor for 2010?
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Which of the following applies to process costing but does not apply to job costing? A) the use of equivalent b) separate identifiable jobs ,the need for material ledger sheets.
(Estimating the cost of bank credit) Paymaster Enterprises has arranged to finance its seasonal working-capital needs with a short-term bank loan. The loan will carry a rate of 12 percent per annum with interest paid in advance (discounted).
Walt's Whistles manufactures referee whistles. At the end of February, Walt's has 2,000 pounds of steel for whistles in inventory. Walt's expects to produce and sell 50,000 whistles in March.
Donovan has a research and development activity in process with an appraised fair value of $45,000. The project has not yet reached technological feasibility.
You have been assigned the task of testing the accuracy of the final inventory compilation for Mt. Hood Furniture. You may assume that you have separately observed the inventory and that you are satisfied that the inventory was accurately counted.
X Company estimates that 1,100 direct labor hours will be worked during the year, and machines will be operated for 62,000 hours during the year.
Jot Construction Company uses the percentage-of-completion method of accounting. In 2013, Jot began work on a contract it had received which provided for a contract price of $6,000,000.
What are some accounts that are valued in this manner? Should all elements on the financial statements be adjusted for the time value of money? Why or why not?
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