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ABC Company employs a periodic inventory system and sells its inventoryto customers for $25 per unit. ABC Company had the following inventory information availablefor the month of May:
May1 Beginning inventory 5,000 units @ $9 cost perunitMay6 Purchased 4,000 units @ $11 cost per unitMay8 Sold 3,000 unitsMay13 Purchased 2,000 units @ $5 cost per unitMay18 Sold 2,500 unitsMay21 Purchased 2,500 units @ $8 cost per unitMay28 Sold 1,800 unitsMay30 Purchased 2,000 units @ $18 cost per unit
Assume ABCCompany uses the LIFO inventory costing method andthat ABC Company's income statement for May showed an income tax rate of 35%, an income tax expenseamount of $30,275, and a net income of $56,225.
Calculate the amount of operating expenses incurred by ABC Company during May. Do not use decimals in your answer.
What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
An asset is being constructed for an enterprise's own use. The asset has been financed with a specific new borrowing. The interest cost incurred during the construction period as a result of expenditures for the asset is:
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Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax.
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Dustin and Penny are husband and wife and always have lived in Washington. At the time of Dustin's prior death in 2009, he was insured in the amount of $600,000 with Penny as the designated beneficiary.
Determine (a) the price variance, quantity variance, and total direct materials cost variance; (b) the rate variance, time variance, and total direct labor cost variance; and (c) variable factory overhead controllable variance, the fixed factory o..
Once the break-even point is reached:
A barn, destroyed by fire, had a basis of $40,000. The owner received $50,000 in insurance proceeds. The barn was replaced by another barn costing $45,000. The basis of the new barn is:
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