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Classic Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel allow is the best raw material of the shaping process. The steel is molded according to the design specifications of automobile manufacturers (Ford and General Motors). The Plating Department then adds an anodized finish. At March 31, before recording the transfer of cost from the Plating Department to Finished Goods Inventory, the Classic Accessories general ledger included the following account:Work in Process Inventory - PlatingMarch 1 balance 26,370Transferred in from Shaping 28,800Direct materials 28,600Direct labor 20,867Manufacturing overhead 36,763The direct materials (rubber pads) are added at the end of the plating process. Conversion costs are incurred evenly throughout the process. Work in process of the Plating Department on March 1 consisted of 600 racks. The $26,370 beginning balance of "Work in Process- Plating" includes $14,400 of transferred in cost and $11,970 of conversion cost. During March, 3,000 racks were transferred in from the Shaping Department. The Plating Department transferred 2,200 racks to Finished Goods Inventory in March and 1,400 were still in process on March 31. This ending inventory was 50% of the way through the plating process. 1. Draw a time line for the Plating Department.2. Prepare the March production cost report for the Plating Department.3. Journalize all transactions affecting the Plating Department during march, including the entries that have already been posted.
Madtack applies manufacturing overhead cost to jobs at the rate of 55% of direct labor cost incurred. The company does not close underapplied or overapplied manufacturing overhead to Cost of Goods Sold until the end of the year.
Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense.
For the ROA, break both of them down into their two component ratios and prove they equal the returns calculated above.
On January 1, 2009, Glenville Co. acquired 80,000 of the 100,000 shares outstanding in Acron Corp. for $500,000. The fair value of Acron's net assets was $600,000 and Glenville will account for its interest using the acquisition method.
The following conversation took place between Dean Lancaster, vice president of marketing, and Dina Conaway, controller of Redwood Computer Company:
If the unpaid balance on the above sale is $300 at the end of the grace period, the interest charge is:
How much overhead is allocated? What is the over/under absorbed overhead?
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. Prepare a bank reconciliation for the month of October. Prepare the necessary..
What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
Suppose that nominal accounts are not closed out at the end of the fiscal period. Explain how this affects account data for the next fiscal period. Use a company or industry to help explain your answer.
The equipment will provide cost savings of $7,300 and will be depreciated straight-line over its useful life with no salvage value. Cleaners, Inc. requires a 10% rate of return. What is the approximate net present value of this investment?
Prepare the company's journal entry to record the credit card sales for April 13 assuming the company deposited the receipts that same day.
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