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Fairfax Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During September, the company transferred 735,000 units of product to finished goods. At the end of September, the goods in process inventory consists of 207,000 units that are 90% complete with respect to labor. Beginning inventory had $244,920 of direct materials and $69,098 of direct labor cost. The direct labor cost added in September is $1,312,852, and the direct materials cost added is $1,639,080.
(a)Compute both direct labor cost and direct materials cost assigned to units completed and transferred out(b)Compute both direct labor cost and direct materials cost assigned to ending goods in process inventory
Drew and Emma formed the equal D&E Partnership on January 1 of the current year. Drew contributed $50,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $80,000. Emma contributed equipment with a fair market value o..
Charged itself for electricity consumption. The newly employed comptroller of CherokeeHills seeks your advice in this regard. What is your response?
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Compute the following and show the computations that support your answers. Equivalent units of production for materials and conversion costs in the Cutting Department for the month of November. Cost per equivalent unit for materials and conversion..
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