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The Parson Valve Corporation was recently formed to produce a brass valve that forms an essential part of a compressor manufactured by a major corporation. The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the production process. September is Parson's first month of operations, and therefore, there was no beginning inventory. Direct materials cost for the month totaled $1,400,000, while conversion costs equaled $1,800,000. Accounting records indicate that 800,000 valves were started in September and 700,000 valves were completed. Ending inventory was 20% complete as to conversion costs.Required:a. What is the total manufacturing cost per valve for September?b. Allocate the total costs between the completed valves and the valves in ending inventory.Next question:The Zygon Corporation was recently formed to produce a semiconductor chip that forms an essential part of the personal computer manufactured by a major corporation. The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the production process. June is Zygon's first month of operations, and therefore, there was no beginning inventory. Direct materials cost for the month totaled $895,000, while conversion costs equaled $4,225,000. Accounting records indicate that 475,000 chips were started in June and 425,000 chips were completed. Ending inventory was 50% complete as to conversion costs.Required: a. What is the total manufacturing cost per chip for June? b. Allocate the total costs between the completed chips and the chips in ending inventory.
Manner inc. has 15000 shares of 6%, $100 par value, noncumulative preferred stock and 30,00 shares of $1 par value common stock outstanding at december 31, 2011. there were no dividends declared in 2010. The board of directors declares and pays a ..
Describe the effect of cost structure on profitability, including recommendations for each company given the current economic environment
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Marilyn's basis in the partnership interest was $80,000 before the distribution. What is Marilyn's basis in the inventory, land, and partnership interest following the distribution?
An acquaintance of yours is considering acquiring bonds as an investment. Your friend states "I will only invest in bonds that sell at a discount. I can't imagine why a person would pay more than maturity value for the bond. That appears to be pla..
On June 1, 2013, Madison notified bondholders of its intent to call the bonds at face value plus a 1% call premium on July 1, 2013. By June 30 all bondholders had chosen to convert their bonds into shares as of the interest payment date. On June 3..
what is the allowable deduction on the $2,000 of interest? Explain your answer and show all calculations.
Natali Vision sells 5,000 pairs of sunglasses per month at $40 each with a desired profit margin of 25%. Fixed costs are $20,000. What is the variable cost per unit?
Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?
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identify the job aspects, educational requirements, and preeminent accounting fields in which to work. Determine at least two (2) ways that accounting or accountants can have a direct impact on society.
The cash balance in ABC Company's general ledger is $14,000 and the cash balance shown on its bank statement is $19,000. Reconciling items include outstanding checks totaling $8,000.
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