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Victory Company uses FIFO process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 732,000 units of product to finished goods. At the end of November, the goods in process inventory consists of 196,000 units that are 100% completed with respect to direct materials and 40% complete with respect to labor. Beginning inventory had $436,000 of direct materials and $155,000 of direct labor cost. The direct material cost added in November is $2,436,720, and the direct labor cost added is $3,531,920. Beginning goods in process consisted of 76,000 units that were 100% complete with respect to direct materials and 90% complete with respect to direct labor. Of the 732,000 units completed, 76,000 were from beginning goods in process and 656,000 units were started and completed during the period. 1.
Calculate the Cost of goods manufactured and the cost of ending balance of work in process using the 4 steps of process costing?
Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product.
Prepare the journal entry to record the purchase of treasury stock by the cost method and 9000 shares of treasury stock are reissued at $33 per share. Prepare the journal entry to record the reisssuance by the cost method.
Prepare the journal entries to record (1) the application of factory overhead to production during July and (2) the jobs completed during July. What is balance of the factory overhead account on July 31?
The current price of the stock is $12. Calculate the current number of shares and the market vlue of your investment
Inventory valuation methods allow management to select a method that best fits their business model. Given the following data, what is the value of the ending inventory as determined by the First in First out (FIFO) method?
On February 9 Ernst gave Gonzalez Co. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable.
q. porter corporation owns all 26000 shares of the common stock of street inc. porter has 60000 shares of its own
multiple choice questions related to basic accounts.1.which of the following elements must exist for there to be a
Group 3 consists of 500 pieces that are expected to sell for $0.72 each. Using the relative sales value method, what is the cost per item in Group 3? Please show step-by-step answer.
Joy pays no estimated taxes and does not claim any tax credits on her current year return. Will Joy owe interest, if so, on what amount and for how many days?
sixnut incorporated has been authorized to issue 1000000 shares of 2 par common stock and 50000 shares of 6 100 par
Prepare Trading and Profit and Loss Account for the year ended on Mar 31, 2009 and a Balance Sheet on that date after considering the Depreciate land and building
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