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Management of Berndt Corporation has asked your help as an intern in preparing some key reports for August. The beginning balance in the raw materials inventory account was $33,000. During the month, the company made raw materials purchases amounting to $62,000. At the end of the month, the balance in the raw materials inventory account was $30,000. Direct labor cost was $46,000 and manufacturing overhead was $74,000. The beginning balance in the work in process account was $13,000 and the ending balance was $19,000. The beginning balance in the finished goods account was $54,000 and the ending balance was $50,000. Sales totaled $270,000. Selling expense was $18,000 and administrative expense was $49,000.
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
This assignment assumes you are a consultant and provide your findings to your client. Please make sure the memo is clear, brief and understandable. Also attach the appropriate information and calculation in the appendix for the clients to underst..
If Charming Confections Company charges each division 12% for capital employed, compute residual income for the Peanut and Plain divisions. Compute the ROI for each division.
What is the definition of externality? Distinction between positive externalities (positive spillover costs) and negative externalities (negative spillover costs)? Why do externalities exist?
Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculation? Why?
In preparing a statement of cash flows for the year ended December 31, 2011, for Cole Company, cash flows from financing activities would reflect
How will the conduct of an audit of a medium-sized company be affected by the company's being a small part of a large conglomerate as compared with being a separate entity?
Darron Co. was formed on January 1, 2011 as a wholly owned foreign subsidiary of a U.S. corporation. Darron's functional currency was the stickle (§). The following transactions and events occurred during 2011:
Prepare journal entries to record the three dividend "events" that took place during 2011. If the company's common stock was value at $135 per share when the stock dividend was declared, what would the stock price be just after the dividend shares ..
Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can.
The FCPA requires that a system of internal accounting control:
-All sales are on credit. -Customer amounts on account are collected 50% in the month sale and 50% in the following month. -Cost of goods sold is 35% of sales. -Farley purchases and pays for merchandise 60% in the month of acquisition and 40% in th..
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