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Accounting records for NIC Enterprises (NICE) for September show the following (each entry is the total of the actual entries for the account for the month):
Note a: This entry does not include any over or underapplied overhead. Over or underapplied overhead is written off to Cost of Goods Sold once for the month. For September, the amount written off was 2 percent of overhead applied for September. Overhead is applied on the basis of direct labor costs. The work in process ending account balance on September 30 was 125 percent of the beginning balance. The direct material ending inventory balance on September 30 was $25,000 less than the beginning balance. The finished goods beginning balance on September 1 was $148,000. The September income statement shows revenues of $2,300,000 and a gross profit of $850,000.Required a. What was the finished goods inventory on September 30? b. How much manufacturing overhead was applied for September? c. What was the manufacturing overhead rate for September? d. How much manufacturing overhead was incurred for September? e. What was the work in process beginning inventory balance? f. What was the work in process ending inventorybalance?
For many years, Diehl Company has produced a small electrical part that it uses in the production of its standard line of diesel tractors. The company's unit product cost for the part, based on a production level of 70,000 parts per year, is as follo..
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Thomas Selling, an expert on nuclear strategy and arms control, examined in his book The Strategy of Conflict (Cambridge, MA: Harvard University Press, 1960), " The power to constrain the adversary depends on the power to bind oneself." Describe t..
Indicate whether each of the following items is representative of managerial or of financial accounting.
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How do I determine the firms market value with this information? Debt = $7,000, Common stock ($1 par) = 458 and Retained earnings = $17,000. The firms bonds are currently selling for $996 and the firms stock is currently selling for $55. Tax..
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