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Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment.  Provide information about the history of the corporation and its current product offerings.  Provide a screenshot

Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment.  Provide information about the history of the corporation and its current product offerings.  Provide a screenshot

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  • Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment. 
  • Provide information about the history of the corporation and its current product offerings. 
  • Provide a screenshot of the corporate’s latest reported income statement. 
  • Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications.
  • Also, explain the nature of each item in the income statement. 

 

Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process.

  • Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320
  • Costs incurred in September

      Direct materials = $375,000

      Conversion. = $341.000

  • Work in process inventory, September 30 (7.000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) = $___?

      Units started in September = 28.000

      Units completed and transferred to finished goods inventory. = 23.000

 

< Question >

  1. The variable cost per equivalent unit of materials for the month. 
  2. The variable cost per equivalent unit for conversion for the month.

 

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