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Set up one T- account for Deere's total inventories ( that is, combine the three inventory accounts for this analysis) Enter the 2011 (i.e. the 2012 opening balance) and 2012 ending balances in the T account. Use information from the financial statements to recreate the activity that took place in the account during fiscal 2012 and answer the following questions. Deere credits the total inventories account for the entire cost of sales. Note that the income statement line item Cost of sales includes the labor and overhead needed to manufacture the inventory sold. Assume that the raw material costs represent half of the total cost of manufacturing the invenorty. I. How much raw material inventory did Deere purchase in fiscal 2012? Assume that raw material inventorty was acquired in a single purchase. Provide the journal entry Deere made to record that purchase. ii. Now set up a t account for accounts payable and accrued expenses. Enter the 2011 ending balance (i.e. the opening 2012 balance) and 2012 ending balance in the t account. Assume that "accounts payable and accrued expenses" includes only inventory related transactions with suppliers and that all raw material is purchases on account. How much did Deere pay its suppliers for inventory in fiscal 2012? Assume that Deere made a single payment to all its suppliers in fiscal 2012. Provide the journal entry Deere made to record that payment.
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
Which of the following is the most probable reason a company would experience an unfavorable labor rate variance and a favorable labor efficiency variance?
Prepare a memo to Susan Apple, a tax partner for whom you are working, with the recommended treatment for the disputed income.
• How much is debt service funds for payments of principal over the life of the bonds?
Assuming that this lease is properly classified as a capital lease, what is the amount of principal reduction recorded when the second lease payment is made in Year 2?
Medical Instruments produces a variety of electronic medical devices. Compute the materials variances for silver tubing and comment on their meaning.
Which of the following is not a required consideration regarding due professional care when choosing to perform an internal auditing consulting engagement?
A corporation has which of the following set of characteristics? a. Shared control, tax advantages, increased skills and resources b. Simple to set up and maintains control with founder c. Easier to transfer ownership and raise funds, no personal lia..
The selling and administrative expense budget of Fenley Corporation is based on the number of units sold, which are budgeted to be 2,500 units in January. Prepare the selling and administrative expense budget for January.
A magazine discovers 40% of the families, which subscribe, are ones where there are two wage earners. In the remaining 60% of the families there is only one wage earner. What is the expected number of wage earners pre subscribing family?
Prepare separate entries for each transaction on the books of Meredith Company.
Griffith Delivery Service purchased a delivery truck for $33,600. The truck has an estimated useful life of six years and no salvage value. For the purpose financial statements, Griffith is planning to use straight-line depreciation.
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