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Lightning Industries specializes in making Flash, a high-moisture, low alkaline wax used to protect and preserve skis. The company began producing a new, improved brand of Flash on January 1. Materials are introduced at the beginning of the production process.During January, 15,300 pounds were used at a cost of $46,665. Direct labor of $17,136 and overhead cost of $25,704 were incurred uniformly throughout the month. By January 31, 13600 pounds of Flash had been completed and transferred to the finished goods inventory (1 Pound of input equals 1 pound of output).
Since no spoilage occurred, the left over materials remained in production and were 40 percent complete on average.
(1) Using the FiFO costing method,prepare a process cost report for january.
Evaluate the EPS disclosure that will appear in the December 31, X1 annual report.
Sales and cash collections from customers for the year were $780,000 and $700,000, respectively. Cost of goods sold for the year was $450,000. What was Alliance's receivables turnover ratio (rounded) for 2011?
Write a research essay addressing the above assignment question. You are required to fully explain your viewpoints and support your decision by academic research papers
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Prepare the appropriate bad debt expense adjusting entry for the year 2011 and Show how the various accounts related to accounts receivable should be shown on the December 31, 2011 balance sheet.
However, Core is operating at capacity and will incur an additional $55,000 in fixed manufacturing overhead if the order is accepted. What is the incremental revenue associated with accepting the special order?
disclosure of depreciation expense in income statement.merton company purchased a building at a cost of 364000 on
It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $12,000 cash cushion. Prepare a cash budget.
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