Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 9, Problem 9.2P
To determine
Journal entry and net sales in case of most likely method for recording sales discount.
Given information:
Sales price is $80.
Quantity sold is 35 units.
Sales discount is 1%.
Customer for 25 units avails and customer for 10 units doesn’t avail the discount.
Company assumes that there is 65% chances that customer would avail the discount for expected value method.
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On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month 36,000 units were started. At the end of the month all started units were 75% complete with respect to conversion. Direct Materials placed into production had a total cost of $310,000 and the total conversion cost for the month was $483,000. Annapolis uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of March. (Round the answer to the nearest cent.)
Chapter 9 Solutions
Intermediate Accounting (2nd Edition)
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