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SVC Corp. sold 6,800 units of its product at $80 per unit in year 2008 and incurred operating expenses of $3 per unit in selling the units. It began the year with 750 units in inventory and made successive purchases of its product as follows:
Jan. 1 Beg. inventory 750 units @ $22 per unit
Feb. 18 Purchase 2,600 units @ $24 per unit
Apr. 16 Purchase 300 units @ $26 per unit
Oct. 8 Purchase 1, 500 units @ $28 per unit
Dec. 21 Purchase 2,200 units @ $30 per unit
__________
Total 7,350 units
Required
Prepare comparative income statements for the company similar to Exhibit 6.8 for the three different inventory costing methods of FIFO, LIFO, and weighted average. Include a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its income tax rate is 30%.
Determine the machine hour absorption rate for cost centre P1, and the direct labor hour absorption rate for cost centre P2.
An inventory of spare parts for the robotic equipment would be purchased immediately at a cost of $60,000. This investment in working capital would be maintained throughout the life of the equipment. At the end the parts would be sold for $60,000
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Examine how the SOX framework can prevent business model fraud in managerial accounting and financial accounting.
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