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Bill Money, owner of Money Company, is reviewing the quarterly financial statements and thinks the cost of goods sold is out of line with past years. The following historical data is available for 2013 and 2014:
At the end of the first quarter of 2014, Money Company's ledger had the following account balances:
Sales .................$280,000Purchases ...............$210,000Beginning inventory, January 1, 2013 ....$70,000
Required:
Using the information provided, estimate the following for the first quarter of 2015:
a. Cost of goods sold. (Use average cost of goods sold percentage.) b. Ending inventory at March 31 based on the historical cost of goods sold percentage. c. Inventory shortage if the inventory balance as of March 31 is$125,000.
Prepare the journal entry to charge overhead costs to the Goods in Process Inventory account and to record any variances.
Midlands Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Compute the company's residual income for the year. (Omit the "£" sign in your response.)
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Journalize each transaction and post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.
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Based on this information, do you believe Dana's increase in operating income in 2013 is consistent with its goals and strategy? Be sure to justify your answer with specific information.
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