Assignment
Mini-Case #1
This is an individual work. Please submit your answers on Canvas by 11pm, Monday, November 12th.
Edmonco, Inc. manufactures briefcases. The following information is available for the company (in millions):
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For Specific Date
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For Year 2014
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Work-in-process inventory, Jan. 1, 2014
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$20
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Plant utilities
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$6
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Direct materials inventory, Dec. 31, 2014
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9
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Indirect manufacturing labor
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25
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Finished goods inventory, Dec. 31, 2014
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10
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Depreciation-plant and equipment
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8
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Accounts payable, Dec. 31, 2014
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28
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Revenues
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360
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Accounts receivable, Jan. 1, 2014
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57
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Miscellaneous manufacturing overhead
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17
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Work-in-process inventory, Dec. 31, 2014
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5
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Marketing, distribution, and customer-service costs
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70
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Finished goods inventory, Jan. 1, 2014
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43
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Direct materials purchased
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82
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Accounts receivable, Dec. 31, 2014
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30
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Direct manufacturing labor
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41
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Accounts payable, Jan. 1, 2014
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40
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Plant supplies used
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5
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Direct materials inventory, Jan. 1, 2014
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39
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Property taxes on plant
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3
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Required:
1. Prepare an income statement.
2. Calculate total prime costs.
3. Calculate total conversion costs.
4. Calculate total inventoriable costs.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.