that not everyone was okay with these changes. People still wanted to go out and drink‚ and this new amendment wasn’t enforced well enough to stop them from doing so. Places known as “Speakeasies” began to pop up which secretly and illegally produced and sold alcoholic beverages. There were plenty of loopholes in the law that even made it possible to produce and sell alcohol legally. While over the course of the decade‚ plenty of them were caught and shut down‚ there were still so many left standing
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TASK 1: Cost Classification and Ethics The Sorrel Pharmaceuticals Corporation manufactures a variety of drugs that are marketed internationally. Inventories on May 31 and June 30 were as follows: May 31 June 30 Materials Inventory $354‚100 $327‚400 Work in Process Inventory 112‚600 116‚400 Finished Goods Inventory 138‚500 142‚800 Purchases of materials for June were $142‚600. Direct labor costs were incurred and computed on the basis of 27‚000 hours at $8 per hour. Actual overhead costs incurred
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would be the cost of goods sold for the year? Since 270‚000 units were transferred in the processing department and 250‚000 were completed and sold‚ this leaves 20‚000 units left in the ending inventory. Of the 20‚000 units left in inventory‚ 25% of the conversion cost required to complete the units had already been incurred. The partially completed units need to be computed into equivalent units‚ which are the number of completed units that could have been produced from the work that was put
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year the Espada had introduced genuine four-seater capacity to the marque. 1970 saw the Islero replaced by the similar Jarama whilst two years later the V8 Urraco entered another market segment‚ that of the ’small’ supercar. Also in 1972 Lamborghini sold 51% of his company to a Swiss businessman‚ with the remaining 49% going to another Swiss in 1974. The latter year saw the Countach revealed in production form complete with 4-litre mid-mounted V12 and brutal‚ angular styling. Production continued until
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You can get a CPU (cost per unit) by dividing your total coat by units sold and you can do the same for revenue then subtract your cost per unit from your revenue per unit to get an average profit per unit as well. A corporation can use this information to determine its course of action to best maximize ROI (return on investment)
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ACCOUNTING FOR BUSINESS II CHAPTER 1 COST SHEET Meaning And Scope of Cost Accountancy The term cost accountancy is wider than the term cost accounting. According to the Terminology of Management and Financial Accountancy Published by the Chartered Institute of Management Accountants‚ London‚ cost accountancy means‚ “the application of costing and cost accounting principles‚ methods and techniques to the science‚ art and practice of cost control. It includes the presentation of information derived
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Case study #1 1. Prepare a variable- costing income statement to determine the profitability of the Costco opportunity. Costco Wholesale Corporation Variable-costing Income Statement For two months Volume level 30‚000 45‚000 60‚000 Sales @ $4.25 per pound $127‚500.00 $191‚250.00 $255‚000.00 Less: Variable expenses: Salmon fillet cost @ $3/pound $90‚000.00 $135‚000.00 $180‚000.00 Repackaging labor @ $9/hour‚ repackage 75 pound/ hour $3‚600.00 $5‚400
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Work-in-process‚ ending 0 Cost of goods sold 12‚000 Finished goods‚ beginning 1‚200 Finished goods‚ ending 1‚400 What is the total amount of conversion costs? a. $5‚500 b. $5‚900 c. $6‚100 d. $6‚500 ANSWER: Choice "d" is correct. Conversion costs (labor and overhead) are equal to $6‚500 and are derived from the relationship between the finished goods and work in process inventory. 1. Beginning ($1‚200) and ending ($1‚400) finished goods inventory and cost of goods sold ($12‚000) are used to squeeze
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labor is $4.00 per unit‚ variable manufacturing overhead is $6.00 per unit‚ and fixed costs are $12‚000 for the units produced‚ then what would be the cost assigned to 2‚000 of units in ending inventory? If direct materials are $8.00 per unit‚ direct labor is $4.00 per unit‚ variable manufacturing overhead is $6.00 per unit‚ and fixed costs are $12‚000 for 6‚000 units produced‚ what is the total cost per unit under throughput costing? Under throughput costing‚ are product costs higher or lower
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economy. 2. The total expenditure on the economy’s output of goods and services. Why? Because for the economy as a whole‚ income must equal expenditure “for every buyer‚ there must be a seller.” GDP is the market value of al final goods and services produced within a country in a given period of time. I will explain this definition precisely. GDP is the market value “GDP measures all goods in terms of their market value; you can’t compare apples and oranges. If an apple costs twice as much as an orange
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