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Samuelson and Messenger (S&M) began 2011 with 216 units of its one product. These units were purchased near the end of 2010 for $31 each. During the month of January, 140 units were purchased on January 8 for $30 each and another 260 units were purchased on January 19 for $33 each. Sales of 140 units and 130 units were made on January 10 and January 25, respectively. There were 346 units on hand at the end of the month. S&M uses a perpetual inventory system.
Calculate ending inventory and cost of goods sold for January using average cost. (Round your intermediate calculations to 3 decimal places. Round your average cost values to the nearest dollar amount.
A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid and after 40% of the total premium had been amortized, the company purchased the entire bond iss..
Calculate the gross wages of each worker for Week 4. Show clearly the basic pay, overtime pay and bonus pay; Using the answer in (a), analyze the total gross wages of the workers into Direct Wages and Indirect Wages;
A project will require an initial investment of $750,000 and will return $200,000 each year for five years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the com..
Kat Inc. holds 75% of the outstanding common stock of Rax Corp. Rax currently owes Kat $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?
If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,000, how much is the amount of gross profit for the year?
A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
Zigs Industries had the following operating results for 2011: sales = $27,960; cost of goods sold = $19,360; depreciation expense = $4,940; interest expense = $2,190; dividends paid = $1,050.
Determine the predetermined overhead rate for the year 2011. Set up a T-account for Factory Overhead and enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate.
NaviNow Company agrees $20 million in cash to the four former owners of TrafficEye for all of its assets and liabilities. These four owners of TrafficEye developed and patented a technology for real-time monitoring of traffic patterns on the natio..
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
Discuss in detail the requirements of incorporating the business, the advantages and disadvantages, and provide JJ with recommendations.
Cost of goods manufactured equals $55,000 for 2010. Finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. Beginning and ending work in process for 2010 are $4,000 and $5,000, respectively. How much is c..
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