Job costing and process costing
Problem: Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
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The budgeting process and budgets themselves have significant impacts on management actions and performance, in both positive and negative ways.
For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an ad
Assume that net income using the weighted-average cost-flow assumption is $12,100. Calculate net income under FIFO and LIFO. (Round your unit cost to 2 decimal places.)
Allocate the corporate headquarters cost to the two operating departments using long -run usage in each operating department.
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
a) Allocate the two service department costs using the direct method. b) What is the direct method chief limitation?
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Problem: Gabe sold his business for $120,000 and transferred a building, FMV $80,000, land FMV $10,000; and furniture and fixtures, FMV $30,000 and adjusted basis $22,500. What is the value of goodwill and ongoing concern?
Steven had a joint checking account with his mother at City National Bank. Between January and May 1990, a number of checks were allegedly forged on the account.
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