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The Illinois company manufacturers a product that goes through three processing departments. Information relating to activity in the first department is during June given below:Percentage completed: Units materials conversionWork in process, June 1, 150,0000 75% 55%Work in process June 30 145,000 85% 75%The department started 475,000 units into production during the month and transferred 480,000 completed units and costs.Required: Compute the equivalnet units fo production for the first department for June assuming that the company yses the weighted-average method of accounting for units and costs. Show the format and formulas
A new retail store has offered to buy 8,300 of its skateboards for $59 per unit. The store is in a different market from Calla's regular customers and it would not affect regular sales. A study of its costs in anticipation of this additional busin..
What is the controller's responsibility with respect to a president who doesn't know much accounting?
If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstanding throughout the year, earnings per share is:
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. Which cost flow method would result in the highest net income?
Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?
William County opted to account for its duplication service center in the internal service fund. Previously the center had been accounted for in county's general fund. During first month in which it was accounted for as an internal service fund cent..
She has a large amount of income from other sources and is in the 33% marginal tax bracket. Would Tina's tax situation be better if XYZ were a proprietorship or a C-corporation? Explain why.
The variable cost per cake is $12. A special decoration per cake will add another $1 to the cost. Determine the differential income or loss per cake from selling the cakes.
Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
During the current period, Job No. 337 was charged $425 in direct materials, $475 in direct labor, and $190 in overhead. If direct labor costs an average of $16 per hour, the company's overhead application rate is
The managing partner of the firm decides to accept the engagement. A major factor in the decision is that the firm does not have any clients in the construction industry and this will provide valuable experience. He promptly calls the president an..
A project produces cash inflows of $8,300 a year for 4 years. The PI is 1.08 at a discount rate of 12.5 percent. What is the initial cost of the project?
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