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Job costing for the movies. Movies and television shows are jobs. Some are successful, some are not. Studios must decide what to do with the cost of unsuccessful shows (‘‘flops''). Some studios have been criticized for assigning the cost of flops to successful shows, which in turn reduces profits available under profit-sharing agreements with actors, actresses, directors, and others associated with the successful show. One studio was criticized for carrying the cost of flops in inventory instead of writing them off, thereby overstating both assets and profits. Studios point out that flops have to be paid for out of the profits from successful shows.
a. How does carrying ‘‘flops'' in inventory overstate assets and profits?
b. When do you think the cost of a movie that turns out to be a flop should be written off (that is, expensed)?
The Assembly Division is required to purchase 30,000 tuners each year from the Tuner Division at $20 per tuner. What will be the effect on the profits of the company as a whole?
For every situation, show whether the first or second type of evidence is more reliable. Give a rationale for your choice.
Comment on the matters that you should consider and state the audit evidence - During the year technological advancement of the manufacturing process resulted in an increase in production capacity in three of the company's factory buildings
What is the current ratio for 2010, what is the quick ratio for 2010 and what is the inventory turnover for 2010?
Record the necessary adjusting entries on december 31, 2015 No prior adjustments have been made during 2015 and Record the necessary adjusting entries at December 31, 2015, for Hurricane Company for each of the situations. Assume that no financial ..
Compute the direct cost of compensating Gaines for her services on the flight from San Diego to Sacramento. Compute the cost of Gaines's services that is an indirect cost.
Estimate the amount of manufacturing overhead cost added to production. The company had no underapplied or overapplied overhead in either month - Estimate a cost formula for manufacturing overhead where X represents the number of units produced
IFRS-based F/S would ensure completion of the placement, and the best possible response (highest price) from potential investors.
a prepare easy fictitious financial statementsb write notes for the fictitious annual report.note 1 important
What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) owner's equity?
Allocate the service department costs to the user departments using the step method.
Compute the annual interest rate implicit in the sales discount and should the customer borrow from the bank so that he can take advantage of the discount?
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