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Frick Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Frick Company for the period is:
Given the per-unit labor standard set, would you expect a favorable or an unfavorable labor efficiency? Explain. Calculate the labor efficiency variance for servicing the fi
Cooper Company had over applied factory overhead of $2000 last year. Assuming the amount was considered small enough not to materially distort net income, the entries needed t
Diston Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 23,000 units in
Tandem Industries purchased a patent on January 1, 2014, for $2,000,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only
Explain how business activities and inventories for a manufacturing company, merchandising company, and a service company differ. What information is recorded on a job cost sh
Evaluate what Aldo's should expect for total variable cost if 9,000 T-shirts are sold next month and prepare Aldo's contribution approach income statement for monthly sales vo
On January 2, 2016, Alpha Company purchased a patent for $72,000. The patent has a remaining legal life of nine years and an expected service life of eight years. Use this inf
Paul Company completed the salary and wage payroll for the month of March. The payroll provided the following details: Salaries and wages earned by employees $ 202,000 Employe
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