Monthly Archives: October 2014

On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory method

On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $295,000. An internally generated cost index is used to convert ending inventory to base year. Year-end … Continue reading

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The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31

CP 8-5 Bank reconciliation and internal control The records of Parker Company indicate a July 31 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 … Continue reading

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Raintree Cosmetic Company sells its products to customers on a credit basis

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company’s fiscal year-end. The 2012 balance sheet disclosed the following: Current assets:      Receivables, net … Continue reading

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Handy Home sells windows and doors in the ratio of 7:3 (windows:doors)

Handy Home sells windows and doors in the ratio of 7:3 (windows:doors). The selling price of each window is $105 and of each door is $255. The variable cost of a window is $65.00 and of a door is $177.50. … Continue reading

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Clauss Company transfers out 14,000 units and has 2,000 units

Clauss Company transfers out 14,000 units and has 2,000 units of ending work in process that are 25% complete. Materials are entered at the beginning of the process and there is no beginning work in process. Assuming unit materials costs … Continue reading

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Fuque Inc. uses the retail inventory method to estimate

Fuque Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2013. Inventory, October 1, 2013 At cost………………………….. $ 52000 At retail…………………………. … Continue reading

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Huron Company produces a commercial cleaning compound known as Zoom

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost   Direct materials 6.00 pounds $ … Continue reading

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Mr. Carter is the manager of Simmons Farm and Seed Company

Mr. Carter is the manager of Simmons Farm and Seed Company, a wholesaler of fertilizer, seed, and other farm supplies. The company has been successful in recent years primarily because of great customer service—flexible credit terms, customized orders (quantities, seed … Continue reading

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The Painting Department of the Garner Manufacturing Company has the following production

The Painting Department of the Garner Manufacturing Company has the following production and manufacturing cost data for September. Production: Beginning inventory 4,000 units; units started into production 16,000; ending inventory of 5,000 units 20% complete as to conversion costs. Manufacturing … Continue reading

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PM Auto Company sells car parts to customers. The company’s fiscal year-end is december 31

PM Auto Company sells car parts to customers. The company’s fiscal year-end is December 31. The December 31,2015, unadjusted trial balance appears below. Cash—–22,000 Accounts Receivable—–35,000 supplies—27,000 prepaid insurance— 24,000 equipment—–95,000 accumulated depreciation— 37,000 accounts payable—-12,000 salaries payable—–0 utilities payable—-0 … Continue reading

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