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Sydney Incorporation produced wooden tables. It reported the following data for 2015: Materials: Beginning inventory of wood $ 200000 Purchases of wood $616000 Ending inventory of wood $104000 manufacturing labor cost (those assembling and polishing the output) $160000 Indirect labor and indirect materials cost $120000 Beginning work-in-process inventory $8000 Ending work-in-process inventory $40000 Beginning finished goods inventory $240000 Ending finished goods inventory $160000 Required: During the year 2015:
a. How much (cost) ‘direct materials’ was used?
b. How much was the ‘cost goods manufactured’?
c. What was the ‘cost of goods sold’?
d. How much was the ‘prime cost’? e. How much was the ‘conversion cost’?
Ansara Company had the following abbreviated income statement for the year ended December 31, 2016: Prepare an income statement according to the variable costing concept for Ansara Company for 2016. Refer to the lists of Labels and Amount Description..
What measure(s) might the company take to obtain valid data for setting the labor time standard?
The following items were gathered from Rindt Industries’ general ledger: Sale of marketable securities $ 14,020 Depreciation and amortization expense 23,822 Rindt Industries Statement of Cash Flows $ $ Net cash by activities Net cash by activities N..
Lenat Company produced 50,000 units during the year. Variable costs per unit and fixed production costs have remained constant the entire year. There were no beginning inventories. How much is dollar value of ending inventory using full costing?
Quickprint a jobbing printer, recovers production overheads at £2.50 per direct labour hour - Calculate the selling price of an order for printing wedding invitations.
Revenue from a contract with a customer. A company must account for a contract modification as a new contract if. When multiple performance obligations exists in a contract, they should be accounted for as a single performance obligation when
Replace the existing system with a progressive tax system that would tax business and individuals, using these schedules:
Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had $75,000 of taxable income. Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder'..
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Compute the amount of cash to be reported on Eastwood Co.'s balance sheet at December 31, 2014. Indicate the proper reporting for items that are not reported as cash on the December 31, 2014, balance sheet.
How many performance obligations are included in the new member deal?- How much of the contract price would be allocated to each performance obligation? Explain your answer.
Fluent, an investor in stocks and bonds, wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. Which should he choose for his investment?
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