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The Morgan Company uses the weighted-average method in its process costing system. For a particular department, the company had 54,000 equivalent units with respect to conversion costs in March. There were 7,500 units in the department's beginning work in process inventory, two thirds complete with respect to conversion costs. During March, 52,500 units were started and 50,000 were completed and transferred out of the department. The ending work in process inventory in the department:
A. consisted of 2,500 units.
B. was 65% complete with respect to conversion costs.
C. was 40% complete with respect to conversion costs.
D. consisted of 5,000 units.
Recognize the industries of your six selected securities. (including BONDS)
All of the following would be entries in assigning accumulated costs to the Work In Process Inventory except:
The cash register tape for Leprechaun Industries reported sales of $7,783.12. Record the journal entry that would be necessary for each of the following situations: (a) Cash to be accounted for exceeds cash on hand by $52.60.
You determine that $104,000 of the current and accumulated earnings and profits for the year is required for the reasonable needs of the business. The allowable accumulated earnings credit for the year is?
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On January 1, 2007, Sloane Co. purchased 25% of Orr Corp.'s common stock; no goodwill resulted from the purchase. Sloane appropriately carries this investment at equity and the balance in Sloane's investment account was $720,000 at December 31, 20..
During the year, Oscar travels from Raleigh to Moscow (Russia) on business. His time was spent as follows: 2 days travel (one day each way), 2 days business, and 2 days personal. His expenses for the trip were as follows (meals and lodging reflect..
Alpine uses the Lifo method of inventory in conjunction with the lower-of-cost or market methods. Additional information states that teh value of the total cabinet inventory was still above costs.
An invoice for 50000 dollar dated feb 22 has payment terms 4/5, 3/20, n/30. A partial payment of 27000 was made on mar 10 a. How much was credeted to the account b. Determine the outstanding balance after this partial payment.
The financial statements for Jobe Inc. and Lake Corp., just prior to their combination, for the year ending December 31, 20X2, follow. Lake's buildings were undervalued on its financial records by $60,000.
Which of the following principles best describes the conceptual rationale for the methods of matching depreciation expense with revenues?
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