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(i) For the following group of assets compute the composite depreciation rate the composite life and the amount of depreciation recorded for the first year of […]

JUNE JULY AUGUST Credit sales $27000 $29000 $18000 Cash sales 18000 51000 39000 Total sales $45000 $80000 $57000 Past experience indicates that 60% of the credit […]

Performance Castings Inc. casts blades for turbine engines. Within the Casting Dept alloy is the first melted in a crucible then poured into molds to produce […]

Instructions: Complete each of the following requirements presenting labeled supporting computation (a) Compute and label the contribution margin per unit and contribution margin ratio. (b) Using […]

Standard Cost Card Direct materials (7 pounds at $3 per pound) $21.00 Direct labor (0.9 hours at $5) 4.50 Variable overhead (0.9 hours at $4 per […]

GALLEY CORPORATION Comparative Balance Sheets December 31 2011 and 2010 2011 2010 Assets Cash $174000 $117000 Accounts receivable 93000 81000 Merchandise inventory 609000 534000 Equipment 333000 […]

Compute (1) the contribution margin for the current year and the projected year and (2) the fixed costs for the current year. (Assume that fixed costs […]

FIFO (First In- First Out) Sales- 85529 Cost of goods sold- 31094 Operating Expenses (including depreciation)- 30634 Depreciation- 14044 Cash paid for inventory purchases- 35047 Determine […]

July 1. Issued 11000 shares of common stock for $11000cash. 1. Purchased used truck for $9000 paying $2000 cash and thebalance on account. 3. Purchased cleaning […]