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Terra Cotta Designs manufactures custom tiles. The following information relates to the fiscal year ending December 31, 2011.
Beginning balance in Raw Material Inventory.......$ 400,000Purchases of raw material...............$ 1,000,000Ending balance in Raw Material Inventory...........$ 200,000Beginning balance in Work in Process...........$ 600,000Ending balance in Work in Process............$ 350,000Direct labor cost....................$ 2,100,000Manufacturing overhead applied.............$ 600,000Beginning balance in Finished Goods...........$ 700,000Ending balance in Finished Goods............$ 350,000Sales.........................$ 6,100,000Selling expenses...................$ 400,000General and administrative expenses...........$ 850,000Required:
a. Prepare a schedule of cost of goods manufactured. Assume that there are no indirect material costs.b. Prepare an income statement for ïscal 2011.Ignore income taxes.
What was the brief history of companies and what kind of Unethical activities these companies were doing - how much money was involved in fraud?
Go to the Web site for the Baldrige National Quality Program and then to the section Frequently Asked Questions.
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The selling price of the package is 102. At the time of sale, the market value of the bonds without the warrants is $48 and the market value of the warrants is $20 each. Prepare the journal entries for this issuance.
Customers owe the shop $3,200 for services already performed and the workers were hired this year and are owed $550 at the end of the year for work in December.
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