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A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be:
A. $65.
B. $60.
C. $75.
D. $50.
Prepare the necessary journal entry to closed the overhead account if the balance is considered immaterial.
A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop. What is the margin of error?
The constraint at Bulman Corp. is time on a particular machine. The company makes three products that use the machine. Data appears below:
Cheng Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated depreciation of $27,000. The new truck is worth $37,000. Cheng also made a cash payment of $36,000. Prepare Cheng's entry to record the exchange.
Callaghan Motors' bonds have 10 years remaining to maturity. Interest is paid annually; they have a $1,000 par value; the coupon interest rate is 8 percent
Sammy, age 31, is unmarried and is not an active participant in a qualified retirement plan. His modified AGI is $55,000 in 2010. The maximum amount that Sammy can deduct for a contribution to a traditional IRA is:
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..
Based on industry experience, warranty costs are estimated at 2% of sales in the year of sale, 4% in the year after sale, and 6% in the second year after sale. Sales and actual warranty expenditures for the first three-year period were as follows:
Prepare a schedule of cost of contract services provided (similar to a cost of goods manufactured schedule) for the month. (List amounts from largest to smallest eg 10, 5, 3, 2.)
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
A common question when making a capital budgeting decision is whether to lease or buy an asset. This is akin to the 'make or buy choice' that is often faced by management accountants.
William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding.
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