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Barsoux Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Using the weighted-average method:
Determine the equivalent units of production for materials and conversion costs. (Carry calculations out to the nearest tenth of a cent.)
Determine the cost per equivalent unit for materials and conversion costs.
Determine the cost of units transferred out of the department during the month.
Determine the cost of ending work in process inventory in the department.
Using the installment-sales method, make summary entries to record: (a) the installment sales and cash collections; (b) the cost of installment sales; (c) the unrealized gross profit; (d) the realized gross profit.
Provide journal entries for each transaction. Provide adjusting entries at the end of the year. Prepare and income statement at the end of the year.
What would be the effect of the project on 2009 operating income under the percentage-of-completion method and the completed contract method?
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An auditor traced a sample of purchase orders and the related receiving reports to the purchases journal and the cash disbursements journal. The purpose of this substantive audit procedure most likely was to
the following selected transactions occurred for bleumortier corporation. the company has a march 31 year end and
When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill arises, GAAP requires that it be allocated to.
alliance division has the following information for year ended december 31 2009.assest 12800000revenues 8750000expenses
How much goodwill will be reported in the consolidation financial statements on December 31, 2012, at the end of Allen's fiscal year? What is the excess amortization expense for the period ending December 31, 2012?
ABC Company accepted a national credit card for a $2,500 purchase. The cost of the goods sold is $2,000. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income?
Determine the effect on EZ's accounting equation relative to the sale, collections, and write-offs of accounts receivable during 1007. What is the net realizable value of accounts receivable on December 31, 2007, under each assumption in part (2)?
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