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Weinberg Canning produces fi llet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October 2010, the joint cost of the production process was $142,000. Product Pounds Produced Separate Cost Final Selling Price Fillet 18,000 $3.00 $16.00 Smoked 20,000 5.20 13.00 Remnants 2,000 0.30 1.50 a. Th e remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off . Use the net realizable value method to account for the by-product. b. Determine the value of ending Finished Goods Inventory, assuming that 4,000 pounds of salmon fi llets, 2,400 pounds of smoked salmon, and 350 pounds of salmon remnants were sold.
Journalize the following transactions in the accounts of Food Unlimited Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables.
Calculate the combined pre-determined OH rate using (1) units of production (2) machine hours: 40,000 machine hours, variable mfg OH $80,000, Fixed mfg OH $325,000. The company expects to produce 10,000 units and each product requires 4 hours of m..
the franc zeppo venture manufactures a product that goes through two processing departments. information relating to
If the fair value of held to maturity investment declines for a reason that is viewed as OTT because the company intends to sell the investment do you write down the investment to fair value?
Compute Juan's gross income assuming that he uses the cash basis of accounting.
The following transactions, adjusting entries, and closing entries were completed by Trail Creek Furniture Co. during a three year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is use..
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of $50,000 in 2011 after paying $20,000 cash dividends in..
Identify characteristics that distinguish NFP from business enterprises. Specifically identify, from most important to least important, five accounting issues relevant to NFP financial reporting and explain your rationale by reference to existing ..
Molly, a CPA in public practice is on the board of directors of a local bank. One of Molly's clients has a $100,000 ninety day loan from the bank. Molly, while preparing the clients tax return finds that the client's revenues from their business i..
Litman LLC placed in service on July 29, 2009 machinery and equipment (7 year property) with a basis of $400,000. Litmans income for the current year before expensing was $100,000. Calculate the maximum depreciation expense including section 179 (..
Visit a local movie theater and check out both its concession area and its showing areas. The manager of a theater must confront questions such as: How much return do we earn on concessions?
I must Gather data to answer the above from multiple sources and present that data in one to two pages (12-point font, double-spaced). Be sure to document your sources. The data must be gathered from authoritative and scholarly sources.
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