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The information that follows pertains to Consumer Products for the year ended December 31, 19X6. Inventory, 1/1/X6 24,000 units Units manufactured 80,000 Units sold 82,000 Inventory, 12/31/X6 ? units Manufacturing costs: Direct materials $3 per unit Direct labor $5 per unit Variable factory overhead $9 per unit Fixed factory overhead $280,000 Selling & administrative expenses: Variable $2 per unit Fixed $136,000 The unit selling price is $26. Assume that costs have been stable in recent years. Instructions: a. Compute the number of units in the ending inventory. b. Calculate the cost of a unit assuming use of: 1. Direct costing. 2. Absorption costing. c. Prepare an income statement for the year ended December 31, 19X6, by using direct costing. d. Prepare an income statement for the year ended December 31, 19X6, by using absorption costing.
Why not report the possible liabilities from pending law suits in the financial statements rather than the notes to the financial statements?
Determine the variable cost per unit and the fixed cost - Based on part (a), estimate the total cost for 10,000 units of production.
Explain how much external financing will the firm have to seek? Assume there is no increase in liabilities other than that which will occur with the external financing.
Choose a company in any of the following categories: airline, florist, bookstore, bank, grocery store, restaurant, college, retail clothing shop, movie theatre, or lawn service.Describe the company selected, including its products or services.
The assignment focuses on the topic of heritage(assets and it is based on understanding the nature of heritage assets, the issues of measuring such assets and a practical case study on accounting for heritage assets in National Gallery of Victoria
Which factor would cause an UNFAVORABLE material quantity variance?
Five years ago, Forestcrest signed a consent decree with the North Carolina Environmental Protection Agency. The company had been convicted of dumping pollutants (such as bleaching and dyeing chemicals) into the local river. The consent decree provid..
Calculate the missing balance sheet items for Exercise 1, Hershey Co. and Exercise 2, Lowe's Inc. Complete each company's column; then move on to the next column
Resource use is one characteristic used to differentiate between batch and real-time systems. Describe.
During October, Dorinirl Corporation incurred $60,000 of direct labor costs and $5,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:
Unit costs in a process-costing system are derived by using: Barrett Corporation had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. How many units were star..
When product costs reflect the actual direct material costs, actual direct labor costs, and estimated overhead costs, the cost system being used is a(n):
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