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Refer to the data for Gulf Fisheries, Inc., in Exercise 4-12. In Exercise 4-12, Gulf Fisheries, Inc., processes tuna for various distributors. Two departments are involved Cleaning and Packing. Data relating to pounds of tuna processed in the Cleaning Department during May are given below:
A total of 480,000 pounds of tuna were started into processing during May. All materials are added at the beginning of processing in the Cleaning Department.
Required:
Compute the equivalent units for May for the Cleaning Department, assuming that the company uses the FIFO method of accounting for units.
Critically review the above. Do you agree, partly agree or disagree with the issues raised in the above? Discuss your reason (s) for doing so. You need to support your viewpoint with carefully chosen and authoritative evidence.
Distinguish between cost and value and explain their relative significance in accounting?
Allocate the service department costs to production departments using the direct method.
Calculate the consumption ratios for each activity. Do you think that the direct labor costs and direct materials costs are accurately traced to each briefcase? Explain.
choose an organization with which is familiar such as the place of employment business patronized or other situation
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Accounting records for NIC Enterprises (NICE) for September show the following (each entry is the total of the actual entries for the account for the month):
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Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2008
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