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A department of Jamestown Textiles produces cotton fabric. All direct materials are introduced at the start of the process. Conversion costs are incurred uniformly throughout the process.
In April, there was no beginning inventory. Units started, completed, and transferred were 675,000. Units in process on April 30 were 249,000. Each unit in ending work in progress was 35% converted. Costs incurred during April were direct materials at $4,158,000 and conversion costs at $1,905,375.
1. Compute the total work done in equivalent units and the unit cost for April.
2. Compute the cost of units completed and transferred. Also compute the cost of units in ending work in progress.
Burger Queen Restaurant had the following information available related to its operations from last year : Sales (150,000 units) $500,000 Variable costs 200,000 Contribution margin $300,000 Fixed costs $150,000 If sales increased by 30% illustrat..
Mathelsea Corporation has 12,000 shares of 77?%,$15 par cumulative preferred stock and 48,000 shares of common stock outstanding. Mathelsea declared no dividends in 2015 and had no dividends in arrears prior to 2015. In 2016?,Mathelsea declares a tot..
Complete journal entries: Jan. 1 Accepted Kent's 90 days, 10% note, as settlement of an outstanding. Received payment in full from Sam's. for outstanding note & interest
For 2014, Bakers Manufacturing uses machine-hours as the only overhead cost-allocation base. The direct cost rate is $3.00 per unit. The selling price of the product is $20.00. The estimated manufacturing overhead costs are $240,000 and estimated 40,..
Franklin Co. borrowed $60,000 from a bank on June 1, 2007 and agreed to pay it back in ten months at an interest rate of 14% per year. Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2008 income statement. Do ..
On January 1, 2016, $346,000 of debentures are converted into common stock, which is then selling at $114. An additional $346,000 of debentures are converted on March 31, 2016. The market price of the common stock is then $119. Accrued interest at Ma..
EnterTech has noticed a significant decrease in the profitability of its line of portable CD players. The production manager believes that the source of the trouble is old, inefficient equipment used to manufacture the product. Compute the net presen..
Application of the full disclosure principle
Repair to office file cabinet lock, $40 (miscellaneous administrative expense). Illustrate what equation do you use to solve for the answers?
The Tatiana Partnership is a calendar year, cash basis limited partnership which was formed on 1 January 2014. The partnership is in the business of training attack dogs and cats (business code 541990). The address for the partnership and both partne..
A company's net worth decreased $425,000 during the year just ended. It didn't pay cash dividends during the year, and it didn't issue or retire capital stock during the year. Determine its profit or loss for the year.
The partnership pays Gst $100,000 cash for her partnership interest.After Gast's retirement, what was is the balance of Irving's capital account ?
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