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A company produces two products, X and Y, from a single raw material called ZZ. ZZ is purchased in 55-gallon drums, and the contents of one drum are sufficient to produce 30 gallons of X and 15 gallons of Y. X sells for $10.00 per gallon and Y sells for $30.00 per gallon. During the current period, the company used 400 drums of ZZ to produce X and Y. The cost of ZZ was $90 per drum.Required:(1) If the cost of ZZ is allocated to the X and Y products on the basis of the number of gallons produced, how much of the total cost of the 400 drums should be charged to each product?(2) If the cost of ZZ is allocated to the X and Y products in proportion to their market values, how much of the total cost of the 400 drums should be charged to each product?(3) Which basis of allocating the cost is most likely to be used by the company? The relative number of gallons of each product produced or the relative market values of each product at the point of separation.
Suppose that the nominal accounts are nto closed out at the end of the fiscal period. How does it affect accounting data for the next fiscal period?
Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of allowance for doubtful accounts at December 31,2011?
How are bad debts accounted for under the direct write-off method? What are the advantages and disadvantages of this method?
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to depreciation of fixed assets is provided to you.
Is the transaction taxable?
Which combination is the correct statement regarding disclosure requirements for earnings per share?
We need to discuss what these options are, how they effect the financial reports, and which one(s) are most beneficial given various goals. Start by describing each of the options for valuing inventory.
Once standard costs for products or services have been developed:
What is the Milton Friedman critique of attempts by the Fed to fine tune the economy?
Which of the following 3 bonds should I invest in assuming a 7% interst rate? Please show how you manually calculated this.
Several years ago, Joy acquired a passive activity. Until 2006, the activity was profitable. Joy's at-risk amount at the beginning of 2006 was $250,000. The activity produced losses of $100,000 in 2006, $80,000 in 2007, and $90,000 in 2008. During..
Which of the following fund types uses the modified accrual basis of accounting?
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