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Colorado Business Tools, manufactures calculators. Costs incurred in making 9,500 calculators in February included 29,450 of fixed manufacturing overhead. The total absorption cost per calculator was $10.25.Required:
a. Calculate the variable cost per calculator.b. The ending inventory of pocket calculators was 750 units higher at the end of the month than at the beginning of the month. By how much and in what direction (higher or lower) would operating income for the month of February be different under variable costing than under absorption costing?c. Express the pocket calculator cost in a cost formula.
What is the first step you would perform to investigate this client complaint? Give detailed reasons and what type of proof might be available to support the amount of time entered?
Use the accounting equation to show how to determine the amount of a company’s owners’ equity. How would your answer change if you were analyzing your own household or a single IHOP restaurant?
Under U.S. GAAP, if the carrying value was $50,000, the undiscounted expected future cash flows was $55,000, the discounted expected future cash flows was $51,000 and the selling price was $53,000, what is the amount of Impairment Loss?
Determine the estimated warranty liability at December 31 for the units sold in November and December. Prepare the journal entries to record the estimated liability for warranties and the costs incurred in honoring 900 warranty claims. (Assume actu..
Assume that only T1 and T2 are completed during the current period. Illustrate what is the amount of gain reported in A Company's consolidated financial statements?
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Conley and Liu allow Lepley to purchase a 25% interest in their partnership for $35,000 cash. Lepley has exceptional talents that will enhance the partnership. Conley’s and Liu’s capital account balances are $55,000 each. The partners have agreed to ..
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Presented below is information related to Russell Corporation for the month of January 2012. Cost of goods sold $202,000 Salaries and wages expense $ 61,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowan..
1.A New York City daily newspaper called "Manhattan Today" charges an annual subscription fee of $150.
The newly developed product is brought to market in January 2012 and is expected to generate sales revenue for 10 years. Determine amount Moxie should recognize as research and development expense in 2011 under GAAP.
assuming that the errors were discovered after the 2011 financial statements were issued, analyze the effect of the errors on 2011 cost of goods sold, net income, and retained earnings.
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