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    T&R Company: Select correct factory overhead incurred, gross profit, FIFO method

    The T&R Company's production costs for August are: direct labor, $13,000; indirect labor, $6,500; direct materials, $15,000; property taxes on production equipment, $800; heat, lights and power, $1,000; and insurance on plant and equipment, $200. T&R Company's factory overhead incurred for August is a. 2,000 b. 6,500 c. 8,5

    Sellalot Corporation: cost reconciliation using FIFO and equivalent units

    Could somebody please review my calculations and fix where I made a mistake ? Please see atached problem and attached calculations The Sellalot Corporation makes specialty prepared soups for the wholesale restaurant industry in a one department operation. The soup ingredients materials are all added at the start of th

    Ricko Inc. uses the FIFO method in its process costing system

    Ricko Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process 900 Stage of completion with respect to materials 80% Stage of completion with respect to conversion

    Determining Cost of Goods for Classic Distribution Markets

    Classic distribution markets CD's of numerous performing artists. At the beginning of March, Classic had in beginning inventory 1,500 CD's with a unit cost of $7. During March, Classic made the following purchases of CD's March 5 2,000 @ $8 March 13 5,500 @ $9 March 21 6000 @ $10 March 26 2000 @ $11 During March 13,000 uni

    On December 1, Bargain Electronics Ltd. has three DVD players left in stock.

    Please give detailed explanation. On December 1, Bargain Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $150. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $100. Another, with serial #1045, was purchased on November 1 for

    Prepare a production cost worksheet using the FIFO method

    Surf Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities: Beginning work in process inventory 3,000 items, 1/3 complete Units placed in production 12,000 units Units completed

    Prepare a memorandum

    You are a financial advisor with a client in the wholesale produce business that just completed its first year of operation. Due to weather conditions, the cost of acquiring produce to resell has escalated during the later part of this period. Your client mentions that because the business sell perishable goods, she has striven

    Sampson Company's MACRS tax depreciation

    Sampson Company is a C corporation that uses a calendar year and the accrual method of accounting for tax purposes. Sampson Company is a domestic (U.S.) manufacturer of electric motors and all of its gross receipts and related deductions are derived from domestic (U.S.) production activities. the following information was obtain

    Quality of Earnings

    Much has been written on "quality of earnings." In this context, several areas are cited, examples below: ? Accounting choices, estimates, and judgments ? Changes in accounting methods and assumptions ? Discretionary expenditures ? Nonrecurring transactions ? Nonoperating gains and losses ? Revenue and expense recognit

    Calculations of Number of Equivalent Unists - FIFO Method

    1- Compute the total cost per equivalent unit for the month. 2- Compute the equivalent units of material and conversion costs in the ending inventory. 3- Compute the equivalent units of material and conversion costs that were required to complete the beginning inventory. 4- Determine the number of units started and completed

    Equivalent units using FIFO

    A)Schiller Company has unit costs of $5 for materials and $15 for conversion costs. There are 4,200 units in ending work in process which are 25% complete as to conversion costs, and fully complete as to materials cost. How much is the total cost assignable to the ending work in process inventory if the FIFO method is used? b

    Cost per Equivalent Unit and FIFO

    Johnson Company uses the process costing method with the following data for the month of July. (see chart in attached file) a. Compute cost per equivalent unit under the weighted-average method. b. Compute cost per equivalent unit under FIFO method.

    Accounting Managerial

    Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs 11,500 Conversion costs 22,200 Percentage

    Calculating: conversion cost (FIFO method), # of units completed

    The formula for a chemical compound requires one pound of Chemical X and one pound of Chemical Y. In the simplest sense, one pound of Chemical X is processed in Department A and transferred to Department B for further processing where one pound of Chemical Y is added when the process is 50% complete. When the processing is comp