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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 (one pound of input equals one quart of output). On May 31st, 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 attached to the units in the beginning work in process invetory. During June 61,300 pounds of fruit were added at the cost of $71,108. Direct labor for the month totaled $19,760 and overhead costs applied were $31,375. On June 30th 3,400 units remained in process. All direct materials for these units had been added, and 50 percent of conversion costs had been incurred.
Using FIFO method, prepare a process cost report for the month of June.
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Prepare a Job Cost Sheet for Job No.13A,following properformat. Pass the necessary Journal entries and prepare T account ofWork-In-Process.
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When standard manufacturing costs are recorded in the accounts and the cost variances are immaterial at the end of the accounting period, the cost variances should be:
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After seeing the figures, Roaming's president remarked that it would be foolish for the company to continue to produce the handlebars at $38 each when it can buy them for $35 each.
this weeku2019s discussion focuses on activity 4-2 located on page 164 of your textbook which reads as followsthe
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What is the future value of a 7%, 5-year ordinary annuity that pays $300 each year? If this were an annuity due, what would its future value be?
overhead costs wages and salaries 159000 other expenses 62000 total 221000 distribution of resource consumption
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