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Fabert Corp uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% completed with respect to conversion costs. An additional 60,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. During the month 65,000 units were completed in the Assembly Department and transferred to the next processing department. There were 11,000 units in the ending work in process inventory of the Assembly Department that were 50% complete with respect to conversation costs. What were the equivalent units for conversion costs in the Assembly Department for the month?
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
Discuss what is Accounting and why is it important? Be sure to include the different types of users of Accounting and their need for accounting.
The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
Calculate cost of goods sold and ending inventory amounts under the cost-flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round your unit cost to 2 decimal places.)
Discuss and explain the role of the financial accounting and managerial accounting functions in organizations and some of their job responsibilities.
How much is debt service funds for payments of principal over the life of the bonds? How do you report the other?
Write down an essay on legal issues surrounding Solyndra, the California based solar panel manufacturer.
Which is better, statistical sampling or non-statistical sampling? Why? Should Generally Accepted Auditing Standards prescribe specific risk levels that auditors must use? Why or why not?
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
The budgeted unit sales of Haerve Company for the upcoming fiscal year are provided below: Prepare the company's selling and administrative expense budget for the upcoming fiscal year.
At the end of 2011, Tatum Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $28,000. On January 24, 2012, it is learned that the company's receivable from Novinger Inc-Make the journal entries to record the payment.
Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100. Prepare the journal entry to record the retirement of the bonds before maturity at 98. Assume the balance in premium on bonds payable ..
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