Monthly Archives: June 2014

Grisham Products expects the following sales of its single product (A+ Guaranteed)

Grisham Products expects the following sales of its single product: Units March 5,200 April 6,400 May     7,750 June     8,050 July     8,800 Grisham Products desires an ending finished goods inventory to be equal to 30% of the next … Continue reading

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Stanford Coop uses a standard cost system to account for the costs of its one product (A+ Guaranteed)

Stanford Coop uses a standard cost system to account for the costs of its one product. Materials standards are 2.8 pounds of material at $13 per pound and 1 hours of labor at a standard wage rate of $11. During … Continue reading

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Superior Coop uses a standard cost system to account for the costs of its one product (A+ Guaranteed)

Superior Coop uses a standard cost system to account for the costs of its one product. Variable overhead is applied using direct labor hours. Standards allowed for each unit are 3.0 hours of labor at a variable overhead rate of … Continue reading

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Drenthe BV of the Netherlands is a wholesale distributor of Dutch cheeses (A+ Guaranteed)

Drenthe BV of the Netherlands is a wholesale distributor of Dutch cheeses that it sells throughout the European Community. Unfortunately, the company’s profits have been declining, which has caused considerable concern. To help understand the condition of the company, the … Continue reading

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Erik Rekdahl, senior-in-charge, is auditing Koonce Katfood (A+ Guaranteed)

Erik Rekdahl, senior-in-charge, is auditing Koonce Katfood, Inc.’s, long-term debt for the year ended December 31. Long-term debt is composed of two bond issues, which are due in 10 and 15 years, respectively. The debt is held by two insurance … Continue reading

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Natco Aluminum Company uses a process cost system to record the costs (A+ Guaranteed)

Natco Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work … Continue reading

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Presented below are selected account balances for Homer Winslow Co (A+ Guaranteed)

Exercise 3-16 Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014. Inventory 12/31/14 $60,180 Cost of Goods Sold $225,870 Common Stock 75,870 Selling Expenses 17,400 Retained Earnings 48,850 Administrative Expenses 39,150 Dividends 19,080 Income … Continue reading

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Lon Timur is an accounting major at a midwestern state university located approximately 60 miles (A+ Guaranteed)

Lon Timur is an accounting major at a midwestern state university located approximately 60 miles from a major city. Many of the students attending the university are from the metropolitan area and visit their homes regularly on the weekends. Lon, … Continue reading

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The 2012 income statement of Adrian Express reports sales of $22 million (A+ Guaranteed)

The 2012 income statement of Adrian Express reports sales of $22 million, cost of goods sold of $11.0 million, and net income of $1.4 million. Balance sheet information is provided in the following table. All amounts are in thousands. ADRIAN … Continue reading

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Mareos Company purchased for $3,800,000 a mine estimated to contain 2 million tons of ore (A+ Guaranteed)

Mareos Company purchased for $3,800,000 a mine estimated to contain 2 million tons of ore. When the ore is completely extracted, it was expected that the land would be worth $200,000. A building and equipment costing $1,800,000 were constructed on … Continue reading

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