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The Lovely Gum Company has the following information regarding its costs of operations: Selling price $.40 per pack, variable costs 40% of sales, fixed costs $30,000 and target profit $15,000. Use this information to calculate the Break-even volume.
On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The machine is still encumbered by a $50,000 mortgage. ..
a. What is the average manufacturing cost per unit? b. What is the amount of ending finished goods inventory? c. What is the amount of gross margin?
Managers of Weeton Manufacturing are analyzing variable overhead variances for the fiscal period just ended. The flexible budget called for $80,000 in variable overhead but actual variable overhead was $95,000.
If investors are truly interested in knowing a company's future cash flows, why would they care about current earnings?
For each of the following items, give an example of a business transaction that has the described effect on the accounting equation:
What is the Conventions on Contracts for the International Sale of Goods (CSIG)? What is the Uniform Commercial Code (UCC)? In what ways is the coverage of the CSIG and the UCC similar or different? Explain your answer in 200 words
Your girlfriend just won the Florida lottery. She has the choice of $16,600,000 today or a 20-year annuity of $1,050,000, with the first payment coming one year from today. What rate of return is built into the annuity?
Discuss the current events in recent industrial history to reduce the usefulness of direct labor as the primary basis for allocating overhead to products. What is your view of this practice?
If merchandise inventory is being valued at cost and the price level is steadily rising, which of the three methods of cost - - FIFO, LIFO or Average Cost - - will yield
A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
They also have a policy of maintaining a raw material inventory at the end of each month equal to 20% of the pounds needed for the following month's production. There were 3,920 pounds of raw material on hand at Dec. 31, 2010, For the first quarter o..
Assuming Gould's sells this item for $23 per unit, prepare summary journal entries for the period's purchases, sales, and sales returns.
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