Exercise 3-13. Costing Units Completed and Ending Work in Process [LO 2‚3‚4] At the start of November‚ Penco Refinery had Work in Process inventory consisting of 4‚000 units that were 90 percent complete with respect to materials and 50 percent complete with respect to conversion costs. The cost of the units was $38‚000 ($25‚000 of material cost and $13‚000 of labor and overhead). During November‚ the company started 44‚000 units and incurred $421‚970 of material cost and $394‚880 of labor and
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| Appraised Value | Percent of Total | Apportioned Cost | Building | $514‚250 | 55% ($514‚250/$935‚000) | $495‚000 ($900‚000 x 55%) | Land | 271‚150 | 29% ($271‚150/$935‚000) | 261‚000 ($900‚000 x 29%) | Land Improvements | 65‚450 | 7% ($65‚450/$935‚000) | 63‚000 ($900‚000 x 7%) | Four Vehicles | 84‚150 | 9% ($84‚150/$935‚000) | 81‚000 ($900‚000 x 9%) | Totals | $935‚000 | 100% | $900‚000 | 1. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased
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Final Exam Course & Section: BU204-04 Unit: 9 Date: May 18‚ 2012 Questions: 1. Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain‚ in your own words what those definitions mean‚ and then thoroughly analyze each of the following changes in the market for loanable funds to answer the these questions Use the diagrams below‚ resizing them as necessary‚ to illustrate
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Managerial Accounting Chapters 11-13 Chapter 10 – 3 Relevant costs are costs that are avoidable by choosing another alternative. If a variable cost differs between alternatives in a decision‚ than it is relevant; however‚ it is not necessarily true that ALL variable costs are relevant. Chapter 10 – 7 Prentiss would need to isolate the unavoidable costs of the product line first. A decision of whether a product line or other segment should be dropped should focus on the differences in the
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Name____________________________ Date ACCT 2302 Exam 1 CRN 14948 Multiple Choice: 2 Points each question: 1. An employee is dissatisfied with the resolution of an ethical conflict with his supervisor at his place of employment. According to the Institute of Management Accountants‚ the employee’s next step should be to A. contact the IMA. B. contact the next level of management who is not involved in the ethical conflict. C. make the president of the company aware of the ethical conflict
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of activity‚ costs and prices of products. What effects can this manufacturing company expect on their profit if they add a new production line or they alter the machines and variable expenses change? All these questions are addresses using managerial accounting technique called cost volume profit. 2-1 Cost Behavior‚ benefits and difficulties ahead Change in organizations activity like designing or producing new type of clothing can affect costs of this manufacturing company. The relationship
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Marketing Final Exam Study Notes Chapter 8: Developing New Products Product: anything that is of value to a consumer and can be offered through a marketing exchange -goods‚ services‚ place‚ ideas‚ organizations‚ people‚ or communities all create value Why do firms innovate? Innovation: the process by which ideas and transformed into new products 1. changing customer needs 2. market saturation 3. managing risk through diversity: a product doing bad can be offset by a product doing good
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Working capital = total current A – total current L. Net Sales – gross profit = COGS. Balance sheet + income statement show total costs of merchandise that remains and total sold. Accounting: a process of identifying‚ analyzing‚ recording‚ summarizing‚ and reporting economic information to decision makers. Financial accounting: focuses on specific needs of decision makers external to the org (stockholders‚ suppliers‚ banks‚ govt agencies) used for evaluating past performance‚ assess future prospects
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Name__________________ ID _______________________ Final Exam MBA501 Version A There are 25 multiple choice questions. Please select the one alternative that best answers each question. Each question is worth 3 points. 1) Suppose farms in the competitive market for potatoes are identical. Each farm’s long-run average cost is minimized at 500 pounds‚ and the corresponding minimum average cost is $0.20 per pound. If the long-run
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iv. Analyzing Company Accounts v. Ratio Analysis II. MANAGEMENT ACCOUNTING 3 i. The Objectives of Management Accounting: ii. Scope of Management Accounting: iii. Functions of Management Accounting: iv. Advantages of Management Accounting: v. Limitations of Management Accounting: vi. Tools and Techniques: III. INTRODUCTION TO FINANCIAL RATIOS 8 i. Financial Ratio Analysis: ii. Users of Accounting Information: IV. DESCRIPTION AND DETAIL OF THE COMPANY – SRI LANKA
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