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The Pass Company uses a process costing system. All materials are added at the start of the production process and conversion costs are added evenly throughout the process. The following production information is available for the month of January, 20XX: Production Costs: Work in process, beginning of the month: Materials $ 17,300 Conversion costs 47,950 Current month costs: Materials 49,300 Conversion costs 178,350 Total $ 292,900 Production Report - Physical Units: In process, beginning of the month (80% complete for conversion) 8,000 units Started 29,000 units Completed and transferred out 22,000 units In process, end of the month (60% complete for conversion) 15,000 units
Required:
1. Prepare a cost of production summary for the month using the weighted average method.
2. Prepare a cost of production summary for the month using the FIFO method.
On March 1, 2011, Hess retired $400,000 of these bonds at 98 plus accrued interest. What should Hess record as a gain on retirement of these bonds? Ingore taxes.
Descriptions of how your organization uses the accounting information for financial management improvement recommendations for you.
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During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventoy at year-end prices was $126,500, and the price index was 110. What is Ely Company gross profit?
Colby Company, which uses the allowance method, has Accounts Receivable of $54,000 and an allowance for uncollectible accounts of $6,400 (credit).
the information below is taken from the december 31 2014 adjusted trial balance of rummer company all numbers are
, analyze the effects of the SEC's data breach disclosure requirement on financial reporting, based on the current language of the requirement. Recommend a change to the disclosure requirements to strengthen public company disclosures of cyberattacks..
April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production cost are budgeted at 7 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling..
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on november 7 2010 edward nicholson issued a check in the amount of 21000 payable to the order of michael kittinger
from the following statement please 1 complete bank reconciliation for jimmys deli found on the reverse of the bank
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