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The following calendar year information about the Tahoma Corporation is available on December 31:
Advertiing Expense $28,800
Depreciation of factory equipment 42,320
Depreciation of office equipment 10,800
Direct Labor 142,600
Factory utilities 36,650
Interest expense 6,650
Inventories January 1:
Raw materials 3,450
Goods in Process 17,250
Finished goods 35,650
Inventories December 31:
Raw materials 2,300
Goods in process 20,700
Finished goods 31,050
Raw materials purchased 132,450
Rent on factory building 41,400
Indirect labor 51,750
Sales commisisons 16,500
The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead
If 16,000 units of materials enter production during the first year of operations, 12,000 of the units are finished, and 4,000 are 75% completed, the number of equivalent units of production would be 15,000.
During February 2008, its first month of operations, the Rutwing Enterprises issued stock in exchange for cash of $25,000. Rutwing had cash revenues of $4,000 and paid expenses of $7,000. Assuming no other transactions impacted the cash account, w..
Hospitalization insurance premiums for Rex and his dependents. The cost of the coverage for Rex is $2,700 per year, and the additional cost for his dependants is $3,600 per year. The plan has a $2,000 deductible, but his employer contributed $1,50..
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Prepare the necessary journal entry for the conversion and retirement of the bonds.
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Prepare a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold. Be sure your journal entry closes the related overhead accounts.
If beginning work in process is 4,000 units, ending work in process is 2,000 units, and the units accounted for equals 10,000 units, what must units started into production be?
What auditing failures evident in the failure of Enron and how would these failures have contributed to the overall collapse of the company?
How do you compute total cost of goods in process/finish goods inventory?
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