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O'Daniel Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective.
In December, one of the processing departments at Pomainville Corporation had beginning work in process inventory of $20,000 and ending work in process inventory of $35,000.
Joe Ringworth, factory supervisor at Winger Enterprises, had been attending night classes to earn a degree in business. He was particularly puzzled by what one of his accounting professors had said
How is the factory overhead account used in cost accounting? Explain the flow of entries both in and out of the account and describe the process for allocating factory overhead.
Badal Corporation processes sugar beets in batches. A batch of sugar beets costs $55 to buy from farmers and $18 to crush in the company's plant.
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:
Fenestre Corporation's contribution margin ratio is 25%. The company's break-even is 80,000 units and the selling price of its only product is $4.00 a unit. What are the company's fixed expenses?
The capital structure of a corporation is the result of its past financing decisions. Furthermore, the earnings per share data presented on a corporation's financial statements is dependent upon the
Ending direct material is 20% larger than beginning direct material. Ending work in process is half of the beginning work in process. Ending finished goods increased by $8000 during the year.
A corporation issues fro cash $1,000,000 of 10%, 20-year bonds, interest payable annually, at a time whenthe market rate of interest is 12%. The interest method is adopted for the amortization of bo
A prominent law firm that has more than 30 offices located worldwide is considering going to a cloud service for all of its document desktop applications, storage and information management needs.
A production department's output for the most recent month consisted of 17,000 units completed and transferred to the next stage of production and 17,000 units in ending goods in process inventory.
Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $4,160,000 (260,000 hours at $16/hour) and that factory overhead would be $1,560
Some students feel that the online courses should be cheaper than in class courses as they should use less direct labor (faculty) and absorb less overhead (variable and fixed) and other variable cos
Clarence began constructing a building for a customer on 7/3/07. The building will be 14 stories tall and is expected to be completed in 2009. Clarence constructs buildings by first putting up the b
Consumers feel that digital versions of books and music should be considerably cheaper than the paper based book or actual DVD or CD.
The remaining capacity can be used to produce 20,000 units of any combination of the three products. The Division 1 cannot exceed the capacity of 50,000 units.
Timberly Construction negotiates a lump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2013, at a total cash price of $900,000 f
On January 1, 2014, Pennington Corporation purchased 25% of the common shares of Edwards Company for $427,000. During the year, Edwards earned net income of $170,800 and paid dividends of $42,700.
The Srane Company has contacted Trell with an offer to sell it 5,000 wickets for $36 each. If Trell makes the wickets, variable costs are $22 per unit. Fixed costs are $16 per unit; however, $10 pe
She believes that the price of the stock one year after exercise will be $25 per share but that Congress will increase the capital gains tax rate to 20% from the current 15%. Now which option should
Division 1 has a capacity of 50,000 units per month. The processing constraints are such that capacity production can be obtained only by producing at least 10,000 units of each products.
A prior period adjustment should be reported as an adjustment to be the retained earnings balance at the beginning of the period in which the adjustment was made.
A manufacturing company has a beginning finished goods inventory of $16,200, raw material purchases of $19,600, cost of goods manufactured of $35,700, and an ending finished goods inventory of $19,4
Prepare journal entries for the June transactions: (a) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead cost incurred, (b) assignment of raw material, labor an