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Youngstown Manufacturing:Units sold 1,400Units produced 1,600Direct labor $4,200Direct materials used 3,500Fixed manufacturing overhead 2,200Variable manufacturing overhead 300Selling and administrative expenses (all fixed) 700Beginning inventories 0Contribution margin 5,600Direct-material inventory, end 800There are no work-in-process inventories.
1. What is the ending finished-goods inventory cost under absorption costing?2. What is the ending finished-goods inventory cost under variable costing?
a. Determine the budgeted manufacturing overhead rate for each department. b. Prepare the necessary journal entries to summarize the March transactions for Department 100. c. What is the total cost of Job A?
On that date, the market value of the common stock was $15 per share and the market value of each warrant was $2. Austere should record what amount of the proceeds from the bond issue as an increase in liabilities?
Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
What is the amount of the joint costs allocable to A before the changes are made to the existing production process assuming the company allocates its joint costs according to the proportion of units produced?
Turner, Inc. uses straight-line depreciation for its equipment. Turner purchased equipment for $500,000 and estimated its useful life at 8 years. The bookkeeper failed to consider the residual value of $50,000. What is the impact on earnings per s..
What are some implications of currency depreciation, devaluation, and appreciation for the US Dollar compared to a foreign currency? How does a strong U.S. dollar affect the balance of trade for USA? Why?
Delmar Company purchased a building on January 2 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a:
United, Inc., a U.S. corporation, entered into a contract on November 1, 2007 to sell two machines to International Company, for 80,000 foreign currency units (FCU). The machines were to be delivered and the amount collected on March 1, 2008.
Which of the following describes job order or process costing?
Collins, Inc., a domestic corporation, operates a manufacturing branch in Singapore. During the current year, the manufacturing branch produces a loss of $300000.
prepare journal entries to record (a) the copier's sale; (B) the adjustment on December 31,2011, to recognize the warranty expense; and (c)the repairs that occur in November 2012.
Would a traditional income statement differ depending on whether the business is a service organization, merchandiser, or manufacturer?
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