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Primm Company produces a product that requires four standard gallons per unit. The standard price is $24.50 per gallon. The 2,500 units required 10,600 gallons, which were purchased at $23.75 per gallon. The product requires three standard hours per unit at a standard hourly rate of $20 per hour. 2,500 units required 7,900 hours at an hourly rate of $21.50 per hour. The standard variable overhead cost per unit is $2.50 per hour. The actual variable factory overhead was $19,050. The standard fixed overhead cost per unit is $1.30 per hour at 7,000 hours, which is 100% of normal capacity.Prepare a 2012 income statement through gross profit for Primm Company. Assume Primm sold 2,500 units at $320 per unit.
Show how these transactions would be refiected on the NBA's financial statements, prepare a December 31, 2013, statement of financial position and statement of activities.
a chairs variable cost is 52 and its market value as a piece of unfinished furniture is 65 at a transfer point from the
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
Under the partial equity method, the entry to eliminate subsidiary income and dividends includes a debit to
Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters and that processed and sold 1,400,000 liters last year at a market price of $4 per liter.
Both figures occur evenly throughout the year. On a December 31, 2004 consolidated income statement, what should be reported as the noncontrolling interest in the subsidiary's net income and as preacquisition income?
using the entity theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
as an auditor what areas would be of interest to you if you discovered during the planning stages of the audit that
Blue Fin Co. produces a product requiring 10 pounds of material at $1.50 per pound. Blue Fin produced 10,000 units of this product during 2009 resulting in a $30,000 unfavorable materials quantity variance. How many pounds of direct material did B..
entries for bonds payable.prepare journal entries to record the following transactions related to long-term bonds of
indicate whether each of the following costs for moped manufacturer is a product or a period cost a variable or a fixed
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
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