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Liquid Extracts Company produces a line of fruit extracts for home use in making wine, jams and jellies, pies, and meat sauces. Fruits enter the production process in pounds; the product emerges in quarts (1 pound of input equals 1 quart of output). On May 31, 4,250 units were in process. All direct materials had been added, and the units were 70 percent complete for conversion costs. Direct materials costs of $4,607 and conversion costs of $3,535 were attatched to the units in beginning work in process inventory. During June, 61,300 pounds of fruit were added at a cost of $71,108. Direct labor for the month totaled $19,760, and overhead costs applied were $31,375. On June 30, 3,400 units remained in process. All direct materials for these units had been added, and 50 percent of conversion costs had been incurred. Required 1. Using the FIFO costing method, prepare a process cost report for June. 2. From the information in the process cost report, identify the amount that should be transferred out of the Work in Process Inventory account, and state where those dollars should be transferred.
On 1 July 2010, Cherry Ltd acquired an item of plant for $31 864. On the same date, Cherry Ltd entered into a lease agreement with Hazel Ltd in relation to the assets. According to the lease agreement, Hazel Ltd agreed to pay $ 12 000 immediately,..
after graduation you plan to work for dynamo corporation for 12 years and then start your own business. you expect to
From the following selected data, compute: Net cash flow provided (used) by operating activities. Net cash flow provided (used) by investingactivities.
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the outstanding capital stock of pennington corporation consists of 2200 shares of 107 par value 6 preferred and 5800
nestle company paid 130000 for a machine used to mill oats. the annual contribution margin from boat sales is 60000.
What is the balance in the patent account on the consolidated balance sheet at December 31 2005.
Cash operating expenses total $60,000 per month and are paid when incurred. Monthly depreciation amounts to $18,000.
The production budget shows planned sales of 32,000. Beginning inventory is 5,600. Units to be produced are 33,600. What is the desired ending inventory?
the article indicates approximately 90% of the companies in the study were sensitive to the variances in material prices. Examine the causes of material price variances and the potential impact on pricing decisions.
guillermo furniture a company that manufactures mid-grade and high-end sofas has just hired you as an accountant. the
confer company produces two different metal components used in medical equipment. the company has three processes
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