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Bank reconciliation compute Cash account balance and bank statement balance before reconciling items. Branson Co. received its bank statement for the month ending May 31, 2013, and reconciled the statement balance to the May 31, 2013, balance in the Cash account. The reconciled balance was determined to be $9,300. The reconciliation recognized the following items:
1. A deposit made on May 31 for $5,100 was included in the Cash account balance but not in the bank statement balance.2. Checks issued but not returned with the bank statement were No. 673 for $1,470 and No. 687 for $2,550.3. Bank service charges shown as a deduction on the bank statement were $120.4. Interest credited to Branson Co.'s account but not recorded on the company's books amounted to $72.5. Returned with the bank statement was a "debit memo" stating that a customer's check for $960 that had been deposited on May 23 had been returned because the customer's account was overdrawn.6. During a review of the checks that were returned with the bank statement, it was noted that the amount of check No. 681 was $480 but that in the company's records supporting the Cash account balance, the check had been erroneously recorded in the amount of $48.Required:a. What was the balance in Branson Co.'s Cash account before recognizing any of these reconciling items?b. What was the balance shown on the bank statement before recognizing any of these reconciling items?
The contribution margin in the campus store is $110,000. Direct fixed costs are $90,000 in the downtown store and $93,000 in the campus location. How much are total variable costs?
Inventory Costing Method
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