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The following information was drawn from the accounting records of Vanner Manufacturing Company.
During the accounting period, Vanner paid $16,000 to purchase raw materials, $15,000 for direct labor, and $11,000 for overhead costs. Assume that actual overhead equaled applied overhead.
Required:
a. Determine the amount of raw materials used.b. Determine the amount of cost of goods manufactured (the amount transferred from Work in Process Inventory to Finished Goods Inventory).c. Assuming sales revenue of $76,800, determine the amount of gross margin.
Calculate the figures which would appear in C Co's financial statements in respect of these two projects - explain whether you believe that this suggestion would improve the quality of financial reporting for long-term contracts.
Calculate the current ratio for 3M for 2009 and 2008 and how would its current ratio change?
johnson companys balance sheet section with intangible assets at 12312012 is presented below.costless
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We are paying for excess capacity of other departments when other departments cut their usage levels.'' How might this manager's problem be solved?
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Fixed overhead equals $ 4,600,000 per month. Prepare a factory overhead budget for November.
Identify the amount of cash used for capital expenditures from the Investing Activities section. How much cash was provided from the sale of capital assets?
A $550,000 capital investment proposal has an estimated life of four years and no residual value. The estimated net cash flows are as follows.
How would your answer to part 2 be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods manufactured? Be specific.
Condensed balance sheet and income statement data for Sievert Corporation are presented here and on the next page - discuss briefly the improvement or lack thereof in financial position and operating results from 2011 to 2012 of Sievert Corporation.
How should mixed costs be classified in CVP analysis? What approach is used to effect appropriate classification? At the high and low levels of activity during the month, direct labor hours are 90,000 and 40,000, respectively.
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