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Pitman Chemical Company manufactures and sells Goody, a product that sells for 10 per pound. The manufacturing process also yields 1 pound of a waste product, called Baddy, in the productionof every 10 pounds of Goody. Disposal of the waste product costs 1 per pound. During March, the company manufactured 200,000 pounds of Goody. Total manufacturing costs were as follows:
Direct materials 232,000
Direct labor 120,000
Manufacturing support costs 60,000
Total costs 412,000
a. Determine the cost per pound of Goody.
On August 1, 2010, Dambro Co acquired 200, $1,000, 9% bonds at 97 plus accrued interest. The bonds will be added to Dambro's available for sale portfolio. The bonds were dated May 1, 2010, and mature on April 30, 2016, with interest paid each October..
Give an example of a situation where transfer pricing might be used and discuss what method a company might choose to calculate it. In your answer, define what a transfer price is, how it can be calculated, and why a company might use it.
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assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.
a) Journalize the transaction, events, and closing entries b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts c) Prepare a retained earnings statement for the year d) Prepare a stockholders' equity section ..
Assume that you are part of the audit team and assess a client's audit risk as high. Suggest what procedure the audit team should implement to reduce the risk to the firm.
Glenda received a proportionate nonliquidating distribution from the EFG Partnership. The distribution consisted of $10,000 cash and property with an adjusted basis to the partnership of $34,000 and a fair market value of $42,000.
The ledger of Salizar Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $40,000.
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