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Lily Flour Company manufactures flour by a series of three processes, beginning with wheat being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as a packaged refined flour.The balance in the account Work in Process--Sifting Department was as follows on July 1, 2014:Work in Process--Sifting Department (700 units, 3/5 completed):Direct Materials (700x$2.58) $1806Conversion (700x$0.55) 231equals $2037
The following costs were charged to Work in Process--Sifting Department during July:Direct materials transferred from Milling Department:12,300 units at $2.60 a unit $31980Direct Labor 4670Factory Overhead 2758
During July, 12,000 units of flour were completed. Work in Process Sifting Department on July 31 was 1,000 units, 4/5 completed.
1. Prepare a cost of production report for the sifting department for July2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging.3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs.
Rosa owns 30% of Pine Corporation's stock (basis of $50,000), and the other 70% was recently purchased by Arvid (basis of $620,000). Pine enters into a reorganization with Lodgepole Corporation.
You have purchased a car for $6,500, you pay $500 deposit, and then monthly payments are $317.22. The interest rate is 24% per annum, compounded monthly . How many payments must you make?
Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period.
Glen Inc. and Armstrong Co. have an exchange with no commercial substance. The asset given up by Glen Inc. has a book value of $12,000 and a fair market value of $15,000. The asset given up by Armstrong Co. has a book value of $20,000 and a fair m..
Discuss the pros and cons of the U.S. Federal Government guaranteeing the pension funds of a private company when it declares bankruptcy. And whether the U.S. Federal Government should guarantee and state your rationale.
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On February 28,2011, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31,2011, was $2,100,000. The income tax rate is 40%.
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to depreciation of fixed assets is provided to you.
evaluate the synergies gained for the company as a result of the business combination and how the combined business is better positioned to compete in the global marketplace.
What is meant by the term equivalent full units? How is this concept used in computing average unit costs? Provide an example. (3 questions)
an auditing course.
Margie has two jobs and both employers withheld FICA tax. From her first job, she earned $88,000 and from her second job she earned $23,000. How much can Margie claim on her Form 1040 as excess social security tax paid in 2010?
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