for the Standard line catamarans and 1.600€ for the Tornado line. Assume the following in your answer: ‐ ‐ ‐ Work in process inventories are negligible and ignored. Direct materials inventory and finished goods inventories are costed using the FIFO method. Unit cost of direct materials purchased and finished goods are constant in March 2010. Prepare the following budgets for March 2010: a. b. c. d. e. f. g. h. Revenues budget Production budgets in units Direct materials usage
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Maturation costs (warehousing, financeing, evaporation) + Direct labor (bottling charge) 3. How would you calculate Compass Box’s cost of goods sold (i.e., would you use FIFO, LIFO, average cost, or some other method)? What are the trade-offs across the different methods? -It would be necessary to calculate by FIFO, because to the initial purchase price it is necessary to add all the extra costs incurred during the 12 years, if LIFO or average cost is done then these costs will be understated
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Running head: DISCLOSURE ANALYSIS PAPER Disclosure Analysis Paper Mandy Diaz University of Phoenix Michael Littlejohn ACC422 / Intermediate Financial Accounting II August 23, 2010 Disclose Analysis Paper The consolidated financial statements include the accounts of Wal-Mart Stores, Inc. and its subsidiaries. Significant intercompany transactions have been eliminated in consolidation. Investments in which Wal-Mart has a 40% to 60% voting interest and which Management control are
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Credit Cash $590.00 Inventory $590.00 (To record merchandise sold to Pocras Co.) BE6-5 If Moraine Company used the FIFO method then the amount of cogs is $12.40 rather than $12.80 if using LIFO. It is referred to as a phantom credit since using one method can be higher or lower than using another. BE6-7 Olsson inventory Inventory
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Helping mining and mineral companies make the grade Improving your throughput and material grade Mining is simple, right? It is all about getting more product out of the ground, processing, and transportation. Whether you’re producing gold, diamonds, platinum, coal, iron ore, aluminium, or copper – the more you dig and process, the more you sell. But how much control and monitoring do you have over your work in process? How visible is your material as it flows through stockpiles
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A. Whether a C corporation that has preferred stock and common stock with both voting and nonvoting rights, eight shareholders among whom there are a Swedish individual and Plantation Sugar partnership, may elect to be an S corporation, under section 1361(b)(1)(B), 1361(b)(1)(C) and 1361(b)(1)(D)? B. Whether all the shareholders must consent to the election of S status, under section 1362(a)(2)? C. Whether the election of S status is effective if a C corporation does not meet all the requirements
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last in, first out (LIFO) or first in, first out (FIFO). Under the LIFO method, inventories are valued at their old costs. If the organization has a substantial quantity of inventory, some of it may be carried at relatively low cost, assuming some inflation in overall prices. On the other hand, if there has been technical progress in a market and prices have been falling, the LIFO method will lead to an overvalued inventory. Under the FIFO method of inventory valuation, inventories are valued
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Per Unit $1,500 1,800 5,000 5,000 2,000 5,000 5,000 2,200 Total $90,000 216,000 400,000 250,000 200,000 300,000 150,000 220,000 1. Record the inventory, purchases and cost of goods sold in a Perpetual Inventory record using the FIFO method. Date 3-Mar Quantity Purchases Unit Cost Total Cost 8-Mar 120 1,800 216,000 Quantity Cost of Goods Sold Unit Cost Total Cost Quantity 60 Inventory On Hand Unit Cost Total Cost 1,500 90,000 60 120
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change in principle, change in estimate, change in entity, errors. Accounting changes: a. b. Comprehensive. Changes in estimate, changes in depreciation methods. Changes in accounting for long-term construction contracts. Change from FIFO to average cost. Change from FIFO to LIFO. Change from LIFO. Miscellaneous. 2, 11 8 1, 3, 4, 5, 8, 24 8, 14, 15, 17, 19 2, 18, 21 9, 16, 20 10 3 8, 9, 10 8, 9 4, 5, 9 3, 4, 6, 7, 8, 9, 10, 11, 12, 16, 17 1, 8, 13 3, 6, 7 1, 2, 4, 6, 7 1, 2, 4, 5 1, 2, 3, 4, 5, 6 Questions
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Delila Wigg Student ID 51886497 Math For Business And Finance Final Examination Examination Number 06044200 1)Bank Balance 2,950.00 Less outstanding ck# 124 (1,080.00) Less outstanding ck# 138 (720.00) Add deposit in transit 3,200.00 Adjusted Bank Balance 4,350.00 Book Balance 4,010.00 Less bank fee for checks (12.00) Less bank fee for NSF (18.00) Less ATM withdrawal (30.00) Add Broom note collected 400.00 Adjusted Book Balance 4,350.00 2)5x+7y=85 substitute
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