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Funtime Inc. makes small toys in a one department production process. Plastic is added at the beginning of the process, all other materials are considered indirect. The following information is available relative to September 2010 production. Beginning WIP Inventory: 15000 toys (60% complete as to labor: 75% complete as to overhead) Started into production: plastic for 620,000 toys
Ending WIP Inventory: 25,400 toys (35% complete as to labor; 60% complete as to overhead)
a. Compute the EUP for direct material, direct labor, and overhead using weighted average process costing.
b. Compute the EUP for direct material, direct labor, and overhead using FIFO process costing.
c. Reconcile the calculations in parts (a) and (b).
On January 1, 2010, Fishbone Corporation sold a building that cost $262,300 and that had accumulated depreciation of $101,600 on the date of sale. Fishbone received as consideration a $251,400 noninterest-bearing note due on January 1, 2013.
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bronze corporation sold machinery for $27,000 on december 31, 2011. The machinery had been purchased on january 2, 2008 for $40,000 and had an adjusted basis of $21,000 at the date of the sale. For 2011, what should Bronze Corporation report?
Record each transaction in journal form and post to the appropriate accounts in the ledger. Prepare a Trial Balance for January 31, 2008.
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