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Compute Costs per Equivalent Unit: FIFO Method
Pacific Ink had beginning work-in-process inventory of $372,480 on October 1. Of this amount, $152,460 was the cost of direct materials and $220,020 was the cost of conversion. The 48,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs.
During October, 102,000 units were transferred out and 30,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $1,171,800 for direct materials and $1,513,920 for conversion.
Evaluate the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.
Critically evaluate the social, cultural or political implications of either the planning, controlling or decision making elements of management accounting.
Explain whether Rachel Arnett's revision of the proposal was in violation of the IMA's Statement of Ethical Professional Practice.
Mad Dog Enterprises manufactures computer game control devices like joysticks and steering wheels. Following is the list of the costs incurred by Mad Dog in 2009:
Allocation of support center costs is an important topic for product costing. In recent years, the issue of accurate product costing has assumed considerable importance.
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Disk City, Inc. is a retailer for digital video disks. The projected net income for the current year is $2,740,000 based on a sales volume of 270,000 video disks.
Prepare Photo Artistry Company's master budget for 2014 by completing the schedules Prepare a memo for Photo Artistry Company identifying issues that management should consider in order to improve the profitability of the company; provide some r..
Lucy's Gourmet Basket shop is planning to open for business on July 1, 20XX and she is concerned about the survivability of her company. She has contacted you to prepare operating budgets for the quarter ending September 30, 20X..
Dividends during Year 2 totaled $89 thousand, of which $18 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $130.
Outline the effect of 'perspective' on the development of a conceptual framework for financial accounting. Give an example of how a difference in perspective can inform development of accounting standards within such a framework.
What is the difference between an Associate and a Subsidiary and and what is Goodwill and when is that applied - Prepare all journal entries assuming all application monies recognised on 28th May
As a production manager, one of your main tasks is to enhance efficiencies by either increasing productivity or reducing cost. Find out whether the responsibility reports required to track performance should be created by department, function, or ..
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