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Refer to the data in Exercise 6-1 for Shastri Bicycle. The absorption costing income statement prepared by the company's accountant for last year appears below:Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . R 4,000,000Cost of goods sold . . . . . . . . . . . . . . . . . . . . 2,960,000Gross margin . . . . . . . . . . . . . . . . . . . . . . . . 1,040,000Selling and administrative expense . . . . . . . . 560,000Net operating income . . . . . . . . . . . . . . . . . . R 480,000
Required:
1. Determine how much of the ending inventory consists of fixed manufacturing overhead cost deferred in inventory to the next period.
2. Prepare an income statement for the year using variable costing. Explain the difference in net operating income between the two costing methods.
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Suppose that Badger's 2010 ending inventory, valued at year-end costs, was $143,000 and that the relative cost index for this inventory in 2010 was 1.10. In determining the inventory balance should Badger report in its 12/31/10 balance sheet:
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LaGrange Corp. has forecasted that over the next four years the average annual after-tax income will be $45,731. The average book value of the manufacturing equipment that is used is $167,095. What is the accounting rate of return?
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Which is the better investment-common stock with a par value of $5 per share or common stock with a par value of $20 per share?
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