During October, Department A started 320,000 units of product in a particular manufacturing process. The beginning work in process inventory was 50,000 units, and the ending inventory was 30,000 units. Direct materials are introduced at the start of processing, and beginning and ending inventories are considered to be 50 percent complete with respect to conversion costs. Department A uses the
FIFO costing method. Units transferred out during October were
a. 335,000.
b. 370,000.
c. 325,000.
d. 340,000.
D
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Performance Bicycle Company makes steel and titanium handlebars for bicycles. It requires approximately one hour of labor to make one handlebar of either type. During the most recent accounting period, Barr Company made 7,000 steel bars and 3,000 titanium bars. Setup costs amounted to $84,000. One batch of each type of bar was run each month. If a single companywide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be:
A. $49,000. B. $8,400. C. $84,000. D. $58,800.
Exhibit 9-3 John Company includes three coupons in each package of cookies it sells. In exchange for 20 coupons, a customer will receive a cookie sheet. John estimates that 30% of the coupons will be redeemed. In 2016, John sold 4,000,000 boxes of cookies and purchased 150,000 Cookie sheets at $2.50 each. During the year, 970,000 coupons were redeemed. ? Refer to Exhibit 9-3. What amount should
John report as estimated premium claims outstanding at December 31, 2016? A) $121,250 B) $328,750 C) $450,000 D) $500,000
To avoid clutter, you should limit slide content to key ideas presented in as few words as possible
Indicate whether the statement is true or false
When is formal rulemaking required? Explain whether formal or informal rulemaking is used more frequently
What will be an ideal response?